XAU/USD ANALYSIS NEXT WEEK 11/05-15/05
The most anticipated report of the week, the employment report, in April. Due to the influence of Covid-19, according to new data released by the US Department of Labor, the world's largest economy lost 20.5 million jobs in a blockade month to fight COVID-19. The unemployment rate soared to 14.7% - the highest since the Great Depression of 1929-1933, the 2-year US bond yield has dropped to a record at 0.1032%.
The United States and China, on the other hand, are still in the middle of a trade war. The two countries have come to a Stage 1 agreement earlier this year, but there are still many tariffs applied to both sides.
In terms of technical analysis
H1 is showing a decline
H4 slight decline.
D1 still sideway.
W1 Equilibrium for both buy and sell sides.
The time frame W1 closed the weekly candle above 1701, however, with the closing at the current price level, it shows.1 decline in the price of gold. closing the candles at lower prices are creating higher low areas
D1 has formed a triangle pattern at the moment, the price has not shown any strong breakout of the bulls and bears. As the price of gold continues to fluctuate around here.
In the H1 time frame, after the supply zone of 172x has been declining, it can be seen that the price of gold tested quite many times this swing zone and false break.
So gold next week. I personally think. First week will have a slight increase. Here I will give 2 scenarios for your reference.
Case 1
Watch out for signals when the price returns to 1690-1691 SL 1686 TP 1705
Signal swing
Soup sell 1717-1718 SL 1725 TP 1700 TP2 1686
Good luck
The United States and China, on the other hand, are still in the middle of a trade war. The two countries have come to a Stage 1 agreement earlier this year, but there are still many tariffs applied to both sides.
In terms of technical analysis
H1 is showing a decline
H4 slight decline.
D1 still sideway.
W1 Equilibrium for both buy and sell sides.
The time frame W1 closed the weekly candle above 1701, however, with the closing at the current price level, it shows.1 decline in the price of gold. closing the candles at lower prices are creating higher low areas
D1 has formed a triangle pattern at the moment, the price has not shown any strong breakout of the bulls and bears. As the price of gold continues to fluctuate around here.
In the H1 time frame, after the supply zone of 172x has been declining, it can be seen that the price of gold tested quite many times this swing zone and false break.
So gold next week. I personally think. First week will have a slight increase. Here I will give 2 scenarios for your reference.
Case 1
Watch out for signals when the price returns to 1690-1691 SL 1686 TP 1705
Signal swing
Soup sell 1717-1718 SL 1725 TP 1700 TP2 1686
Good luck
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