XAUUSD is not falling back after a strong rally, but is consolidating against resistance at 3362.8. Continued high demand could allow the market to strengthen...
The price of gold halted its two-day rally, trading around $3362.8 on Monday morning after weak US employment data. This heightened concerns about the US economy and increased the likelihood of a Fed rate cut in September to 80%.
Additional pressure on the dollar came from the dismissal of BLS chief Erika McAntfer, which raised suspicions of statistics manipulation. Market attention is also focused on US-Canada trade talks, which could affect investor sentiment. Gold is consolidating for now, but its further growth will depend on the dynamics of the dollar and macroeconomic data.
Resistance levels: 3362.8, 3383, 3433
Support levels: 3345, 3334
As the market has now entered a consolidation phase, MM may form a retest of support before a possible rise in order to accumulate liquidity. However, a breakout of resistance at 3362.8 could trigger further growth.
Best regards, Linda!
Trade active
Trade closed: target reached
The potential for growth remains. Gold may test the lower boundary of the trading range before continuing its growth. The trigger level is 3383.
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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.