GOLD → Price breaks support. Panic and news...

3 paź

XAUUSD stands still, traders doubt further actions. There are two days of important news ahead, which can provoke panic and profit-taking....



The market reacts weakly to the rather serious actions in the Middle East, the price is in consolidation without updating local extremes. The dollar is strengthening amid decreasing risks of a 0.5% cut in interest rates in November (the most likely scenario is 0.25%). A strong ADP employment report eased concerns about the state of the US labor market, supporting expectations of Friday's NFP. Ahead of the PMI from ISM and Initial Jobless Claims.
Technically, the chart failed to give impetus from support, with the SMA acting as support. After a failed attempt, price came back and broke the conglomerate of support: the rising line, sma and 2650-2654. Can you feel traders getting nervous?)

Resistance levels: 2650, SMA, 2656, 2663
Support levels: 2640, 2623, 2613, 2600

The trigger is 2640. If the buyers do not hold this area, the price may spill to the bottom of the range, as well as reach the imbalance zone. But, there may be high volatility before the news, within which the price may test the resistance before further downward correction.

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

Regards R. Linda!