GOLD → Area of Interest 2475. What's next? 2450 or 2500?

9 set

XAUUSD is shedding downward on the background of unexpected NFP, which was published on Friday. The dollar is rising, which is generally negative for the metal. But, globally, gold is still strongly bullish....



The first half of the week should be extremely quiet, as important news will not start to arrive until Wednesday. Traders are waiting for CPI, PPI, as well as the Fed meeting scheduled for September 18, where they are expected to make a decision on interest rate cuts. A rate cut makes currencies cheaper, which only increases the interest in gold.
Technically, the price of gold can't consolidate above 2500 and is trading below the critical level of 2494, indicating buyer weakness, which goes into the accumulation or waiting phase....

Resistance levels: 2493, 2500
Support levels: 2485, 2475, 2450

Technically, it is worth considering a decline and a retest of 2475, as after the upward rally from below there is a huge pool of liquidity that attracts the market. Further, further scenario will depend on the market reaction to the range support: False breakdown may give a chance for growth to 2500, and breakdown and consolidation below 2475 may provoke longsqueeze to 2450.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

9 set

Trade attivo

The market is testing 2,500...