Gold continues its uptrend at $2265
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Overall, XAUUSD has experienced the most significant and notable price increase this year, specifically yesterday it increased in price past the level of 2265 USD. It is currently trading at a new high of $2293, after hitting $2305, marking a 0.23% decline on the day. So what comes next, higher or a correction?
First Jobless Claims today before NFP is announced and the market may enter a consolidation or consolidation phase.
In terms of influencing factors: Gold prices (XAU/USD) fell after hitting a new record high early this Thursday and extended a steady intraday decline into the first half of the European session. Bulls chose to take profits amid overbought conditions on short-term charts and a positive risk tone, which tends to weaken the safe-haven precious metal. However, any meaningful abatement appears to remain elusive amid persistent geopolitical tensions stemming from the protracted Russia-Ukraine war and conflict in the Middle East.
In addition, the popular trend of selling US Dollars (USD), leading to uncertainty about the Federal Reserve's (Fed) interest rate cut roadmap, may contribute to limiting the decline in Gold prices.
On the new outlook for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the $2265 breakout level. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. It is expected that the price will continue to recover after the correction and reach the lower limit of the ascending channel and retest the EMA 34, 89 levels.
At this time, what is special and worth noting is that the 2300 level could become a psychological level for gold and cool down the market a bit, which could form a correction (as I mentioned before).
Support levels: immediate 2288, breakout zone and (EMA 89) 2265, psychological support 2250
Resistance levels: 2300
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
Overall, XAUUSD has experienced the most significant and notable price increase this year, specifically yesterday it increased in price past the level of 2265 USD. It is currently trading at a new high of $2293, after hitting $2305, marking a 0.23% decline on the day. So what comes next, higher or a correction?
First Jobless Claims today before NFP is announced and the market may enter a consolidation or consolidation phase.
In terms of influencing factors: Gold prices (XAU/USD) fell after hitting a new record high early this Thursday and extended a steady intraday decline into the first half of the European session. Bulls chose to take profits amid overbought conditions on short-term charts and a positive risk tone, which tends to weaken the safe-haven precious metal. However, any meaningful abatement appears to remain elusive amid persistent geopolitical tensions stemming from the protracted Russia-Ukraine war and conflict in the Middle East.
In addition, the popular trend of selling US Dollars (USD), leading to uncertainty about the Federal Reserve's (Fed) interest rate cut roadmap, may contribute to limiting the decline in Gold prices.
On the new outlook for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the $2265 breakout level. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. It is expected that the price will continue to recover after the correction and reach the lower limit of the ascending channel and retest the EMA 34, 89 levels.
At this time, what is special and worth noting is that the 2300 level could become a psychological level for gold and cool down the market a bit, which could form a correction (as I mentioned before).
Support levels: immediate 2288, breakout zone and (EMA 89) 2265, psychological support 2250
Resistance levels: 2300
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
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