GOLD → Market support, exit from consolidation

5 hari lalu

XAUUSD is feeling market support ahead of the news. The price is rebounding from trend support, breaking through strong resistance and enjoying high interest from bulls...

The rise in demand for defensive assets is driven by concerns about the overvaluation of technology stocks and weak US labor market data. The number of applications for unemployment benefits rose significantly in October. Private employers cut jobs for four weeks. The Fed minutes may show disagreement over the regulator's future policy, and the probability of a rate cut in December is estimated at 50/50. The market's attention is focused on September NFP data (forecast: +50K).
Gold is awaiting signals from the Fed and employment data. The Fed's cautious stance and weak NFP data could support further price growth.

Resistance levels: 4145 - 4211
Support levels: 4097, 4082, 4055

Gold is entering a long zone. Any correction could be a good opportunity to enter the market. Pay attention to key support levels for trend trading...

Best regards, R. Linda!

5 hari lalu

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