XAU/USD Market Analysis: Trends, Resistance, and Key Indicators
Hello everyone,
Currently, we find ourselves near the yearly resistance point at 2074.456. If we successfully break above and maintain a confident stance beyond this level, it could pave the way for further upside. As we navigate this new range, characterized by a scarcity of available data, it's a good time to discuss the broader topic of trends and their potential impact on future price movements.
Assessing trend strength involves studying two moving averages—one faster and one slower. The critical aspect is monitoring the price's relative position concerning each moving average. In a bullish trend, the price ideally remains above both the slower and faster moving averages. A widening gap between the price and these averages indicates an intensifying bullish trend, while a narrowing gap suggests a potential weakening. Conversely, in a bearish trend, the price should be positioned below both moving averages, providing directional insights for strategic decision-making.
Given the heightened range we are currently experiencing, exercising patience and making calculated decisions becomes even more essential. Incorporating the monthly pivot adds another layer to our analysis. This crucial level can signal shifts in trend dynamics — trading above suggesting a bullish scenario, while trading below indicates a bearish outlook.
Looking forward, it's important to keep an eye on significant USD-related news in the upcoming week, including ISM Services PMI, JOLTS Job Openings, ADP Non-Farm Employment Change, Unemployment Claims, Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate, and Prelim UoM Consumer Sentiment.
Wishing you a successful week of trading.
TradeWithTheTrend3344
Currently, we find ourselves near the yearly resistance point at 2074.456. If we successfully break above and maintain a confident stance beyond this level, it could pave the way for further upside. As we navigate this new range, characterized by a scarcity of available data, it's a good time to discuss the broader topic of trends and their potential impact on future price movements.
Assessing trend strength involves studying two moving averages—one faster and one slower. The critical aspect is monitoring the price's relative position concerning each moving average. In a bullish trend, the price ideally remains above both the slower and faster moving averages. A widening gap between the price and these averages indicates an intensifying bullish trend, while a narrowing gap suggests a potential weakening. Conversely, in a bearish trend, the price should be positioned below both moving averages, providing directional insights for strategic decision-making.
Given the heightened range we are currently experiencing, exercising patience and making calculated decisions becomes even more essential. Incorporating the monthly pivot adds another layer to our analysis. This crucial level can signal shifts in trend dynamics — trading above suggesting a bullish scenario, while trading below indicates a bearish outlook.
Looking forward, it's important to keep an eye on significant USD-related news in the upcoming week, including ISM Services PMI, JOLTS Job Openings, ADP Non-Farm Employment Change, Unemployment Claims, Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate, and Prelim UoM Consumer Sentiment.
Wishing you a successful week of trading.
TradeWithTheTrend3344
Comment:
Bullish Target @ 2081.612 Done
Comment:
Bullish Target @ 2102.415 Done
Comment:
Having achieved our target at the market's opening, it's now opportune to observe and assess the performance of the supports.
Comment:
The weekly strong support is at 2029.908, and the initial monthly support is at 2025.252.
Comment:
Prepare for a test of support levels at 2014.228, 2003.205, and 1970.135. It's expected that the bearish wave will continue for a while until a robust support foundation is firmly in place.
Comment:
Wishing everyone a fantastic weekend! Today is all about observation due to the strong bearish trend mentioned earlier in the week. I advised extra caution with buy trades, and now we're seeing a test of the support levels. Enjoy your weekend!