💡 XAUUSD: Confidence on the selling side
In hourly time frames, gold prices lost their upward trendline after good news for the USD - especially the Non-farm news with 3 main data points that were higher than economists' forecasts. This news continued to be absorbed by the price until today's Asian session, causing the price to bottom at 2,027 USD/oz.
However, the medium-term rising trendline is still "carrying" the bulls and becoming the strongest driving force at present. From this area, the price may receive more support to grow back to the potential resistance levels of 2,045 and 2,060 USD.
On the contrary, if the daily trendline is broken, the price will fall straight to the support level of 2,015 USD - which is considered the last defense zone for buyers.
However, the medium-term rising trendline is still "carrying" the bulls and becoming the strongest driving force at present. From this area, the price may receive more support to grow back to the potential resistance levels of 2,045 and 2,060 USD.
On the contrary, if the daily trendline is broken, the price will fall straight to the support level of 2,015 USD - which is considered the last defense zone for buyers.
Comment:
Gold prices rallied in late December, but trended lower in early January, as traders were reluctant to open new bullish positions out of fear of a larger bearish reversal if interest rates were cut. expected for 2024 did not materialize.
Comment:
Gold prices continued to slide in the past session, breaking the low of the previous doji pattern, and although it could not maintain below this bottom, it can be seen that selling pressure is still overwhelming, shown by the candlestick. decline. Expecting the price to continue to go down in the short term, you can continue to hold existing short positions, the target is still around the 2000 threshold, you can consider moving the SL to reduce risks.
Comment:
NICE !!!
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