XAUUSD: NFP data and trading strategies for the next two weeks
https://www.tradingview.com/x/h9Tu3OKv/
Yesterday's gold movement largely aligned with expectations, with relatively limited fluctuations. However, today is unlikely to be as calm, as the market now faces two sharply contrasting scenarios:
If the Non-Farm Payroll (NFP) and unemployment data are bullish for gold, and the price remains within its current range, we could see a rebound, testing or even breaking the previous high before retreating to current levels.
Alternatively, before or shortly after the data release, gold may retest the resistance near its previous high (or consolidate below the 2668 level) and then begin a significant decline, potentially forming a double-top pattern (with a break below 2620).
Disregarding the data, from a technical standpoint, the daily chart (D1) shows that gold is at a critical juncture. Recent price movements have hovered near key support levels, with some indicators clearly signaling weakness. A decisive move is imminent.
https://www.tradingview.com/x/BrHghJzG/
Scenario 1: Gold consolidates near support, gathering momentum and bolstering bullish sentiment, leading to a second upward push—similar to the rally initiated around the 2500 level. If the market demonstrates strength, prices could challenge the 2700-2710 zone, followed by a weekly close showing weakness. A significant pullback of no less than $100 could then ensue.
Scenario 2: Bullish momentum fades, and the bears start to take control. A double-top formation would likely emerge, targeting the 2625-2611 support zone. If bulls fail to hold these levels, the next bearish targets would be in the 2590-2570 region.
I hope this analysis provides valuable insight for your upcoming trades. Wishing you all the best of luck!
Yesterday's gold movement largely aligned with expectations, with relatively limited fluctuations. However, today is unlikely to be as calm, as the market now faces two sharply contrasting scenarios:
If the Non-Farm Payroll (NFP) and unemployment data are bullish for gold, and the price remains within its current range, we could see a rebound, testing or even breaking the previous high before retreating to current levels.
Alternatively, before or shortly after the data release, gold may retest the resistance near its previous high (or consolidate below the 2668 level) and then begin a significant decline, potentially forming a double-top pattern (with a break below 2620).
Disregarding the data, from a technical standpoint, the daily chart (D1) shows that gold is at a critical juncture. Recent price movements have hovered near key support levels, with some indicators clearly signaling weakness. A decisive move is imminent.
https://www.tradingview.com/x/BrHghJzG/
Scenario 1: Gold consolidates near support, gathering momentum and bolstering bullish sentiment, leading to a second upward push—similar to the rally initiated around the 2500 level. If the market demonstrates strength, prices could challenge the 2700-2710 zone, followed by a weekly close showing weakness. A significant pullback of no less than $100 could then ensue.
Scenario 2: Bullish momentum fades, and the bears start to take control. A double-top formation would likely emerge, targeting the 2625-2611 support zone. If bulls fail to hold these levels, the next bearish targets would be in the 2590-2570 region.
I hope this analysis provides valuable insight for your upcoming trades. Wishing you all the best of luck!
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