Gold (XAU/USD) is currently in a sideways consolidation phase on the H4 timeframe, with price oscillating between key levels. After reaching a recent high near $2,685, the price has now settled around the $2,640 - $2,650 range. The market is awaiting significant catalysts, including key US labor market data later this week, which could trigger a breakout from this tight range.
Key Levels to Watch:
Support: $2,630 - $2,640. This zone has acted as a floor, where buyers have previously stepped in.
Resistance: $2,665 - $2,685. A breakout above this level could pave the way for further upside momentum.
Strategy:
While Gold is currently moving sideways, traders should wait for a confirmed breakout either above resistance for a long position or below support for a potential short. A bullish breakout could target $2,700, while a break below $2,630 could signal further downside towards $2,600.
Trade Plan:
Buy: On breakout above $2,665, targeting $2,685 and potentially $2,700.
Sell: On breakdown below $2,630, targeting $2,600.
With important economic data ahead, it's critical to monitor both technical setups and fundamental news, as they will likely influence the next move.
XAUUSD XAUUSD XAUUSD
Key Levels to Watch:
Support: $2,630 - $2,640. This zone has acted as a floor, where buyers have previously stepped in.
Resistance: $2,665 - $2,685. A breakout above this level could pave the way for further upside momentum.
Strategy:
While Gold is currently moving sideways, traders should wait for a confirmed breakout either above resistance for a long position or below support for a potential short. A bullish breakout could target $2,700, while a break below $2,630 could signal further downside towards $2,600.
Trade Plan:
Buy: On breakout above $2,665, targeting $2,685 and potentially $2,700.
Sell: On breakdown below $2,630, targeting $2,600.
With important economic data ahead, it's critical to monitor both technical setups and fundamental news, as they will likely influence the next move.
XAUUSD XAUUSD XAUUSD 
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.