FORECAST
XAUUSD
:
- Despite the falling exchange rate, gold prices tend to decrease slightly during the trading session
- Attention will focus on US non-farm payrolls at the end of the week
Although falling yields benefited the technology index, gold struggled to get a boost, sending prices down for the second day in a row. While the precious metal maintains a constructive outlook, bulls are not yet ready to re-enter long positions after being caught out on Monday's trading blip during a breakout during the Asian session quickly turned into a massive sell-off.
Looking ahead, we could see measured moves in gold over the next few days as investors avoid large directional bets ahead of the release of November US jobs figures on Friday. The upcoming jobs report will provide valuable insight into the health of the economy and, in turn, could help guide the Fed's next steps.
TECHNICAL ANALYSIS
XAUUSD
Gold surpassed its previous record and briefly hit a new all-time high on Monday, but quickly fell lower, signaling that the long-awaited bullish breakout was nothing more than a blip. fake.
While the bulls may have failed for now, bullion retains a constructive technical outlook. This means that the path of least resistance is still upward. That said, if the precious metal continues to rally, the first hurdle to watch will appear at $2,050 and $2,070/$2,075 thereafter. Outside this area, attention turns to $2,150.
On the other hand, if losses increase in the near term, initial support is placed at around $2,010. This area could act as a floor in the event of further losses, but a drop below this level could signal that a deeper retracement is forming, with the next downside target lying at nearly 1,990 USD.
XAUUSD
: - Despite the falling exchange rate, gold prices tend to decrease slightly during the trading session
- Attention will focus on US non-farm payrolls at the end of the week
Although falling yields benefited the technology index, gold struggled to get a boost, sending prices down for the second day in a row. While the precious metal maintains a constructive outlook, bulls are not yet ready to re-enter long positions after being caught out on Monday's trading blip during a breakout during the Asian session quickly turned into a massive sell-off.
Looking ahead, we could see measured moves in gold over the next few days as investors avoid large directional bets ahead of the release of November US jobs figures on Friday. The upcoming jobs report will provide valuable insight into the health of the economy and, in turn, could help guide the Fed's next steps.
TECHNICAL ANALYSIS
XAUUSD
Gold surpassed its previous record and briefly hit a new all-time high on Monday, but quickly fell lower, signaling that the long-awaited bullish breakout was nothing more than a blip. fake.
While the bulls may have failed for now, bullion retains a constructive technical outlook. This means that the path of least resistance is still upward. That said, if the precious metal continues to rally, the first hurdle to watch will appear at $2,050 and $2,070/$2,075 thereafter. Outside this area, attention turns to $2,150.
On the other hand, if losses increase in the near term, initial support is placed at around $2,010. This area could act as a floor in the event of further losses, but a drop below this level could signal that a deeper retracement is forming, with the next downside target lying at nearly 1,990 USD.
