XAUUSD IDEA
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XAUUSD Consolidation ahead of NFP. What to expect?
Today, at 12:30 GMT NonFarm Payrolls & Unemployment Rate (Sep.) will be published.
This is quite important news for short-term forex market pricing. The impact is on the dollar,
and from it already on gold. On the chart we see the formation of a long 4-day
consolidation in the range of 1828 - 1815. On the daily chart, the maximum decrease in volatility
over the last 2 weeks is forming. The consolidation is starting to form a pre-breakout character
as this range is forming near trend support and near the key level of 1809-1807. Hence, based on
the negative fundamental background and the formation of a pre-breakout consolidation, there is
every chance of a support breakout and further decline towards both 1800 and 1775. But there is
always a BUT. News is an unpredictable nuance. Negative news for DXY can give a bullish surge for
gold and vice versa. The nuances are shown on the d1 chart. On D1 SMAs are in the phase of signal
realization.
Support levels: 1815.3, 1812, 1807
Resistance levels: 1828, channel border
It is difficult to expect something concrete from the news. In the short term there may be a
retest of these resistance areas, but in the medium term I continue to wait for the fall.🆘
XAUUSD Consolidation ahead of NFP. What to expect?
Today, at 12:30 GMT NonFarm Payrolls & Unemployment Rate (Sep.) will be published.
This is quite important news for short-term forex market pricing. The impact is on the dollar,
and from it already on gold. On the chart we see the formation of a long 4-day
consolidation in the range of 1828 - 1815. On the daily chart, the maximum decrease in volatility
over the last 2 weeks is forming. The consolidation is starting to form a pre-breakout character
as this range is forming near trend support and near the key level of 1809-1807. Hence, based on
the negative fundamental background and the formation of a pre-breakout consolidation, there is
every chance of a support breakout and further decline towards both 1800 and 1775. But there is
always a BUT. News is an unpredictable nuance. Negative news for DXY can give a bullish surge for
gold and vice versa. The nuances are shown on the d1 chart. On D1 SMAs are in the phase of signal
realization.
Support levels: 1815.3, 1812, 1807
Resistance levels: 1828, channel border
It is difficult to expect something concrete from the news. In the short term there may be a
retest of these resistance areas, but in the medium term I continue to wait for the fall.🆘
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