Gold prices reacted positively after the US Non-Farm Payrolls came in at only 106K and the unemployment rate rose to 4.2%, signaling a cooling labor market. This weak data has lowered expectations of further rate hikes from the Fed, offering strong support for gold.
On the H4 chart, XAUUSD has formed a bottom around the 3,247 area and is now rebounding within a descending channel. A slight trendline break and a W-pattern near the bottom further reinforce the potential for a continued upward move.
Technical view:
XAUUSD is approaching a key resistance zone around 3,313 – a crucial level that could trigger a breakout. If gold breaks above it with strong buying pressure, it may head toward the upper boundary of the channel.
The RSI is recovering from oversold levels, while EMA34 and EMA89 are starting to converge – suggesting a possible trend reversal ahead.
On the H4 chart, XAUUSD has formed a bottom around the 3,247 area and is now rebounding within a descending channel. A slight trendline break and a W-pattern near the bottom further reinforce the potential for a continued upward move.
Technical view:
XAUUSD is approaching a key resistance zone around 3,313 – a crucial level that could trigger a breakout. If gold breaks above it with strong buying pressure, it may head toward the upper boundary of the channel.
The RSI is recovering from oversold levels, while EMA34 and EMA89 are starting to converge – suggesting a possible trend reversal ahead.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
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🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
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.