GOLD → Market in range awaiting news

7 déc. 2023

XAUUSD is strengthening due to a slight correction in the DXY . The price is testing the local trend resistance area before the publication of Initial Jobless Claims at 13:30 GMT.



The market is in a range as analysts and investors await the Initial Jobless Claims information to roughly understand the situation for tomorrow (Friday) as we approach the NFPs to be released on December 8 at 13:30 GMT.
With the correlation between DXY and XAU, the situation is unstable right now. Going forward, the inverse correlation may change even more as there are targets at lower levels for gold.



From a technical point of view, since we have a local bearish channel built on the background of strong sell-offs, I expect a false break of resistance and further decline to the previously mentioned targets.

Support levels: 2022, 2010, 2007
Resistance levels: 2032, 2035, 2040

Situation may change due to fundamental factor, Unexpected news may change the situation dramatically, but temporarily.

Regards R. Linda!

7 déc. 2023

Note

Initial Jobless Claims come out with bullish data for the dollar.
Waiting for gold to react

7 déc. 2023

Transaction en cours

Gold is forming a false breakdown of the resistance 2037-2038. After that a bearish impulse is formed

This is facilitated by negative news for gold. (I wrote about it earlier)

The price may return to the channel in the near future. In this case the next target will be 2007

7 déc. 2023

Transaction en cours

It's all scripted.
We've been waiting for the news
We were waiting for a false breakdown.
The false breakout gives a result of +95 Pips!