GOLD → Consolidation before NFP. What to prepare for?

4 Jun 2024

XAUUSD is strengthening after a false breakdown of range support and is testing resistance with a subsequent bounce. Price is forming a flat and is not ready to go up or down yet. There are reasons for this:



Traders are waiting for news that will start to be released in the second half of this week starting Wednesday. The focus is on ISM PMI, Initial Jobless Claims, NFP. Accordingly, I would recommend watching the flat for now: 2354 - 2328 (2320). Most likely the price will be inside this consolidation for some time, the dollar is also standing still. Perhaps there will be an attempt to breakout (false breakout) or even a retest of more distant levels, but in general, due to the fact that there are no major players in the game yet, who are not eager for pre-temporal action, the price will consolidate within the specified range.

Resistance levels: 2354, 2374
Support levels: 2328, 2322, 2315

A quick approach to the liquidity zone may lead to a rebound or a false breakdown, accordingly, there is a chance to see local strengthening. We are looking at an intra-range trading strategy.

Regards R. Linda!

5 Jun 2024

Nota

False break of support brings the price back to consolidation
All according to plan ;)