Gold prices rose more than 2% last Friday, hitting a one-week high, as weaker-than-expected US non-farm payrolls data boosted hopes for a Federal Reserve rate cut and the announcement of new tariffs fueled safe-haven demand for gold.
Fundamental news: The non-farm payrolls report showed only 73,000 jobs added in July, well below market expectations of 110,000. The unemployment rate rose to 4.2%, indicating a cooling labor market.
Technical Analysis: Gold prices are rising strongly after a strong candle in the 3285 - 3300 area as previously predicted. The bullish pattern on the H1 frame has shown that the buyers are returning very strongly. Currently, the price is showing signs of sideway at the 336x area, our strategy today will be to wait for trading at the support zones of the gold price. Important price zones today: 3315 - 3320 and 3330 - 3335.
Today's trading trend: BUY.
Recommended orders:
Plan 1: BUY XAUUSD zone 3330 - 3332
SL 3327
TP 3335 - 3345 - 3355 - 3370.
Plan 2: BUY XAUUSD zone 3318 - 3320
SL 3315
TP 3323 - 3333 - 3343 - 3363.
Plan 3: SELL XAUUSD zone 3370 - 3372
SL 3375
TP 3367 - 3357 - 3347 - 3337 (small volume).
Wishing you a safe, smooth and profitable trading week.💗💗💗💗💗
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.