XAUUSD : Gold price waits for important macro data

Gold prices are currently trading around $2,030 on Tuesday morning as the market awaits US jobs data and tomorrow's FOMC meeting.

Gold prices are currently trading around $2,030 on Tuesday morning amid the effects of geopolitical tensions in the Middle East and market expectations about interest rates ahead of the FOMC meeting.

Currently, traders are still waiting for US employment data and the FOMC meeting tomorrow in the context of market sentiment gradually shifting to risk-off due to developments in the Red Sea. Specifically, Sky News reported that US President Joe Biden may authorize military action in the Middle East. This is a response to the killing of three US soldiers by a drone attack on forces stationed in northeastern Jordan near the Syrian border.

In the above context, the price of gold - a traditional safe haven - received a lot of support and had a strong reversal on Monday, hitting $2,030 when US government bond yields dropped sharply.

The current focus is on US employment data, which will be the last macro data released before this week's FOMC meeting. The market currently expects the Fed to keep interest rates unchanged at its next meeting and is 46% that the Fed will begin reducing interest rates at its meeting in March. However, Fed Chairman Jerome Powell's speech after the meeting on tomorrow will be carefully evaluated by the market to have more information about future interest rates.

On the daily chart, gold prices closed back above $2,030, the intersection of the 21-day and 50-day SMA. However, buyers are currently facing resistance at $2,038. However, the RSI indicator is also gradually returning to level 50, providing support for buyers.

If bullish momentum consolidates and takes the price above $2,038, the psychological threshold of $2,050 will come into view, beyond which is the December 12 peak at $2,062.

Conversely, if the price turns down again to the previous day's low at $2,018, gold could re-adjust to the support zone of the rising trend line at $2,012.

Trade active:

🔝 XAUUSD : Trading plan January 30, 2024

🪙 We have 2 levels to have a good entry for the BUY signal :

💲 Entry 1 Buy Scalping : 2029 - 2031
💵TP1 : 2035
💵TP2 : 2040
🔴 SL : 2020

💲Entry 2 Buy Limit : 2023 - 2025
💵TP1 : 2030
💵TP2 : 2035
🔴 SL : 2015

🪙 We have 2 levels to have a good entry for the SELL signal :

💲Entry 1 Sell (Scalping) : 2035 - 2037
💵TP1 : 2030
💵TP2 : 2025
🔴 SL : 2047

💲Entry 2 Sell Limit : 2043 - 2045
💵TP1 : 2039
💵TP2 : 2035
🔴 SL : 2050

⚡️⚡️⚡️ Note: For transactions, please leave full TP and SL to ensure safety and bring profit from the market. ‼️

🔔 Admin : @Eva_trade811

Trade active:

Entry 1 Buy 100 pips
Entry 2 Sell Limit 150 pips
Entry 1 Sell hit SL

Trade closed manually:

Entry 1 buy hit 70 pips closed