GOLD → Background Change. Is it time for a correction?

5일 전

XAUUSD is facing profit-taking and a strong correction after Thursday's news. From ATH, the metal is down 2% for the day. Today is an equally busy news day!



The stock and futures market declined quite a bit in yesterday's session. Most likely a reaction to rising inflation..... The data was quite unexpected. The election race is on the agenda. The main question is the pace of easing under this or that president.... At the moment the focus is on the NFP report, which will be released later Friday. It is expected that the economy added 109K new jobs in October and the unemployment rate is expected to remain unchanged at 4.1%.
Technically, gold is coming back under the strong 2760 level, this was confirmed by a retest early in the European session. The market may be interested in the imbalance zone and the approximate area of 0.5-0.7 fibo...

Resistance levels: 2758, 2771, 2789
Support levels: 2745, 2738, 2728

The fundamental background is changing and it is reflected in gold. The outflow of investments may continue. If the negative background intensifies, gold may fall lower after resistance retest, e.g. to 2724-2713. But, unpredictable data will renew interest in the metal, which may return to the range of 2760 - 2790

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

Regards R. Linda!

5일 전

액티브 트레이드

Activation in the resistance zone 2758
A false breakdown of resistance and a strong downward impulse is formed.
+180 pips in the moment....