XAUUSD: Will gold recover next week? Or take the wrong break?
Hello everyone, let's discuss and strategize for speculators next week!
Overview: Gold prices today have not stopped falling due to strong selling pressure, after reaching a new record high of over 2,220 USD/ounce many days ago.
On the other hand, in the context of the USD rising to its highest level in more than a month, gold becomes more expensive for holders of other currencies. Since then, speculators have limited buying. Today's world gold price continues its downward trend.
However, with inflationary pressure and the US Federal Reserve's view of three interest rate cuts in 2024, world gold prices will react positively in the near future. In this case, the market could resume its growth phase as the overall fundamentals of gold are favorable for further growth.
Regarding the technical foundation we can comment as follows: 34.89 EMA technical fundamentals continue to support the pair's uptrend. Currently, gold touches $2165 continuing its downtrend, a false breakout could occur before Tuesday's news with the prospect of testing a strong liquidity zone. However, the fundamentals of the news could bring about a resurgence in gold.
Regarding the new strategy for XAUUSD: The strategy of buying when the price drops is still highly appreciated by me at the strong support level at 2150-2155 USD. A break below $2,150 would lead to a significant decline in price, while a hold would lead to an increase in price. It is expected that the price will recover after this correction and hit the limit of support and EMA 34.89.
Overview: Gold prices today have not stopped falling due to strong selling pressure, after reaching a new record high of over 2,220 USD/ounce many days ago.
On the other hand, in the context of the USD rising to its highest level in more than a month, gold becomes more expensive for holders of other currencies. Since then, speculators have limited buying. Today's world gold price continues its downward trend.
However, with inflationary pressure and the US Federal Reserve's view of three interest rate cuts in 2024, world gold prices will react positively in the near future. In this case, the market could resume its growth phase as the overall fundamentals of gold are favorable for further growth.
Regarding the technical foundation we can comment as follows: 34.89 EMA technical fundamentals continue to support the pair's uptrend. Currently, gold touches $2165 continuing its downtrend, a false breakout could occur before Tuesday's news with the prospect of testing a strong liquidity zone. However, the fundamentals of the news could bring about a resurgence in gold.
Regarding the new strategy for XAUUSD: The strategy of buying when the price drops is still highly appreciated by me at the strong support level at 2150-2155 USD. A break below $2,150 would lead to a significant decline in price, while a hold would lead to an increase in price. It is expected that the price will recover after this correction and hit the limit of support and EMA 34.89.
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Second, the market will not have too much volatility, short trading strategies are given priority. But! on Tuesday we will get the news. Please note.
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+100 pips for buy signal. Currently the price is trading around 2175 USD
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