XAUUSD Gold Forecast: Time to shine?

Fundamentals drive Gold prices higher last week.

* Central Banks – lead by BoJ and ECB – warn of growing risks to the global economy
*FED is next in line. Wednesday FOMC Statement will be released.
*Friday NFP and Unemployment data will be released.
We will keep an eye on wage growth as that will have the biggest impact on the FED. In December’s employment report, wage grew 3.2% for the year. If we don’t see strong wage growth in January, it may give the FED another excuse to be patient with its monetary policy
* Ongoing worries about the global economy and continued geopolitical uncertainty. may increase the demand to safe-haven assets.

Sustainable bullish run and the shorter-term trend change from bearish to bullish would be confirmed by a firm daily closing above $ 1312 – Breakout and close above yellow fractal trendline on the Daily Chart – A clear U-turn from the FED is needed to see this breakout. Please note that the line has been tested a few times in 2018 by the Gold Bulls – I was one of them – but failed to be broken. Strong fundamentals are needed.

Our Trade Plan: ( Until we see the FOMC statement & NFP + Wage Growth Figures )

Sell Gold at $1305 and $1308 Targets: 1296 1285 1265 Stop Above 1312.

If Gold prices end the week above $ 1312

Buy Gold with the targets $1320 $1341 $1356 Stop Below: 1296

Have a nice weekend:-)

A nice Quote:

"Trade Like A Snipper! The very best Traders don' just randomly enter trades, they know exactly what they are looking for."