FX:XAUUSD continues to test the highs. Price is trading above ATH 2023y. Bull Run may not be permanent, market maker may form a false resistance breakout amid distribution exhaustion.
The exhaustion of the strong rally can be seen on this chart. Price is at its highs after a strong rally. It is not profitable for the market maker to let everyone make money :). At the moment the probability is quite high to see a false breakdown of 2148-2150 followed by a fall. It's not about trend change, but about correction. The global trend is bullish. But, there is strong news today. Initial Jobless Claims, Fed Chair Powell Testifies. And all this before tomorrow's NonFarm Payrolls. Worth paying attention to these things.
Resistance levels: 2148, 2150 Support levels: 2144, 2125, 2110, 2100
There is a possibility that the market maker is waiting for volume to form on long positions above 2145-2150 to turn price around. The correction after the bull run has a very high percentage of probability at the moment
The main focus is on Initial Jobless Claims, as well as Powell's speech.
Analysts expect Initial Jobless Claims to be slightly higher than last week. This is a negative scenario for the dollar. And based on overall market conditions, it makes sense. But, based on political influence, the Initial Jobless Claims index could be lower than expected, which could support the dollar.
Powell's current stance is the same as before: The rate is at its maximum level. The fight against inflation continues. Inflation is still high. A rate cut is possible this year (It's not spring or summer (maybe)). All in all, this is all predictable. Let's hear what he has to say today....
By the way, get ready. NonFarm Payrolls tomorrow ;)