Hello all traders, this article will help you understand the market context and trends.
Yesterday, the FOMC meeting minutes were released, showing broad consensus on maintaining interest rates, which encourages investors to turn to gold as a safe-haven asset, increasing demand for XAUUSD. The higher-than-expected unemployment claims data (235K vs 226K forecast) indicates a weaker labor market, putting downward pressure on the USD and driving gold prices higher. However, the better-than-expected Flash PMI manufacturing index (53.3 vs 49.7 forecast) helped the USD rise slightly, but the impact was minimal.
Technical Analysis:
XAUUSD is trading in a downtrend channel, but the signals are unclear. Immediate support is at 3,312.000, an important level that has been tested and held. Currently, XAUUSD is near a small resistance zone at 3,353.000, with potential targets at TP1: 3,353.000 and TP2: 3,375.000. Both EMA (89) and EMA (34) are sloping upward, confirming the strength of the uptrend.
Market Strategy:
Buy XAUUSD when the price pulls back to the support level at 3,312.000, with targets at 3,353.000 and 3,375.000.
Risk Management:
Monitor support at 3,312.000. If this level breaks, XAUUSD could correct to 3,270.000. Use a stop-loss below this support level.
Do you think gold can continue its upward trend, or will a correction appear?
Yesterday, the FOMC meeting minutes were released, showing broad consensus on maintaining interest rates, which encourages investors to turn to gold as a safe-haven asset, increasing demand for XAUUSD. The higher-than-expected unemployment claims data (235K vs 226K forecast) indicates a weaker labor market, putting downward pressure on the USD and driving gold prices higher. However, the better-than-expected Flash PMI manufacturing index (53.3 vs 49.7 forecast) helped the USD rise slightly, but the impact was minimal.
Technical Analysis:
XAUUSD is trading in a downtrend channel, but the signals are unclear. Immediate support is at 3,312.000, an important level that has been tested and held. Currently, XAUUSD is near a small resistance zone at 3,353.000, with potential targets at TP1: 3,353.000 and TP2: 3,375.000. Both EMA (89) and EMA (34) are sloping upward, confirming the strength of the uptrend.
Market Strategy:
Buy XAUUSD when the price pulls back to the support level at 3,312.000, with targets at 3,353.000 and 3,375.000.
Risk Management:
Monitor support at 3,312.000. If this level breaks, XAUUSD could correct to 3,270.000. Use a stop-loss below this support level.
Do you think gold can continue its upward trend, or will a correction appear?
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📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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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.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 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.