XAUUSD: Buyer opportunity and seller entry point!
Diupdate
technical analysis:
The price line experienced a significant increase and surpassed the trendline, indicating a strong rise up to 1960. After touching the resistance area of 1963, it underwent a slight correction to ensure liquidity before continuing the uptrend. Although there was continuous resistance, the buyers' volume was still strong. The two EMAs (34 & 89) have shown signs of crossover, indicating a reversal trend during the correction phase. The RSI has returned to its average level (51.1) and is currently in the buying support zone. It is expected to continue rising towards the 197x zone before returning to the downtrend (correction span ABC).
Market analysis:
Investors remain optimistic about the USD Index despite a recent decrease. They believe that it could be valued higher in the future due to an anticipated interest rate hike by the Fed. The US economy has seen a significant increase in consumer spending in April and could experience further growth in the labor market, which could lead Fed chair Jerome Powell to consider raising interest rates again.
This week, investors will be closely monitoring the US Automatic Data Processing (ADP) Employment data, which is expected to show an addition of 170K jobs in May. This is lower than the previous addition of 296K. On Friday, the US Nonfarm Payrolls (NFP) report will provide a comprehensive overview of the US labor market.
Plan trade in the intro
The price line experienced a significant increase and surpassed the trendline, indicating a strong rise up to 1960. After touching the resistance area of 1963, it underwent a slight correction to ensure liquidity before continuing the uptrend. Although there was continuous resistance, the buyers' volume was still strong. The two EMAs (34 & 89) have shown signs of crossover, indicating a reversal trend during the correction phase. The RSI has returned to its average level (51.1) and is currently in the buying support zone. It is expected to continue rising towards the 197x zone before returning to the downtrend (correction span ABC).
Market analysis:
Investors remain optimistic about the USD Index despite a recent decrease. They believe that it could be valued higher in the future due to an anticipated interest rate hike by the Fed. The US economy has seen a significant increase in consumer spending in April and could experience further growth in the labor market, which could lead Fed chair Jerome Powell to consider raising interest rates again.
This week, investors will be closely monitoring the US Automatic Data Processing (ADP) Employment data, which is expected to show an addition of 170K jobs in May. This is lower than the previous addition of 296K. On Friday, the US Nonfarm Payrolls (NFP) report will provide a comprehensive overview of the US labor market.
Plan trade in the intro
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as expectedKomentar
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