XAUUSD The breakthrough of the first week of December
GOLD MARKET ANALYSIS AND COMMENTARY - WEEK 49 - 2023 (December 4 - December 8]
This week, gold prices have continuously increased sharply after breaking the important resistance level at 2,010 USD/oz. Gold price at one point climbed to 2,075 USD/oz and closed the week at 2,072 USD/oz.
Although the FED Chairman's statement is still heavily "hawkish", the gold price has almost ignored this as it continuously escalates.
Some market analysts say that while the Fed may not be ready to cut interest rates anytime soon, it clearly won't be able to continue raising interest rates as the economy begins to slow. The CME FedWatch tool also shows that markets are currently assessing a more than 50% chance that the Fed will cut interest rates in the first quarter of 2024.
In addition, gold prices have also been supported by many other factors, such as central banks continuing to buy gold, physical gold demand has reached its peak season in Asia, and geopolitical tensions in Asia. The Middle East and Eastern Europe are still escalating, which will stimulate the haven demand for gold...
Next week, the most important data is non-farm payrolls (NFP) expected to reach 185,000 jobs. If NFP increases higher than expected, the FED may extend the period of maintaining interest rates at high levels, negatively impacting gold prices next week. On the contrary, if NFP is lower than this expected level, this factor will support gold prices next week.
Technically, after breaking the 2010 resistance level according to chart D1, the gold price almost reached the old peak of 2080. If this mark is broken, gold will create a new high price, corresponding to the open fibonacci levels. wide, the 100 fibo mark is above 2100, while the 161.8 fibo mark is above the 2200 level.
The trading plan for next week will consider a sell watch around the 2130 mark, a buy watch if the price returns to retest the 2010 resistance level, accepting a stop loss of 5 prices for each turn.
New gold early Monday morning at the beginning of the week jumped nearly 75 prices, falling back more than 45 prices.
Wait to buy if the price retests around the 2055 support mark, which is a hard resistance mark, also near the fibo 50 mark calculated for the upward phase from 193x-2145.
Wait to buy around 2055, sl 5 price, if the price comes then go in, if not then just stand outside and play.
This week, gold prices have continuously increased sharply after breaking the important resistance level at 2,010 USD/oz. Gold price at one point climbed to 2,075 USD/oz and closed the week at 2,072 USD/oz.
Although the FED Chairman's statement is still heavily "hawkish", the gold price has almost ignored this as it continuously escalates.
Some market analysts say that while the Fed may not be ready to cut interest rates anytime soon, it clearly won't be able to continue raising interest rates as the economy begins to slow. The CME FedWatch tool also shows that markets are currently assessing a more than 50% chance that the Fed will cut interest rates in the first quarter of 2024.
In addition, gold prices have also been supported by many other factors, such as central banks continuing to buy gold, physical gold demand has reached its peak season in Asia, and geopolitical tensions in Asia. The Middle East and Eastern Europe are still escalating, which will stimulate the haven demand for gold...
Next week, the most important data is non-farm payrolls (NFP) expected to reach 185,000 jobs. If NFP increases higher than expected, the FED may extend the period of maintaining interest rates at high levels, negatively impacting gold prices next week. On the contrary, if NFP is lower than this expected level, this factor will support gold prices next week.
Technically, after breaking the 2010 resistance level according to chart D1, the gold price almost reached the old peak of 2080. If this mark is broken, gold will create a new high price, corresponding to the open fibonacci levels. wide, the 100 fibo mark is above 2100, while the 161.8 fibo mark is above the 2200 level.
The trading plan for next week will consider a sell watch around the 2130 mark, a buy watch if the price returns to retest the 2010 resistance level, accepting a stop loss of 5 prices for each turn.
New gold early Monday morning at the beginning of the week jumped nearly 75 prices, falling back more than 45 prices.
Wait to buy if the price retests around the 2055 support mark, which is a hard resistance mark, also near the fibo 50 mark calculated for the upward phase from 193x-2145.
Wait to buy around 2055, sl 5 price, if the price comes then go in, if not then just stand outside and play.
🟢BuY (Scalping) Price range 2070$ - 2072$ - stoploss: 2067$
🟢Watch to BUY price range 2053$ - 2055$ - stoploss: 2048$
Note: Full TP, SL to be safe and win the market ‼️