XAUUSD: new weekly trading strategy
Dear friends, what do you think about Gold?
In general, Gold showed signs of decline last week, dropping over 40 USD from 2088 USD to 2045 USD. Towards the end of the week, Gold seemed relatively calm, focusing on a sideways trend with a resistance level at 2050 USD and a support level at 2030 USD.
On Friday, when the Non Farm news was released, Gold experienced significant fluctuations, reaching a high of 2065 USD and a low of 2024 USD. However, Gold closed at 2045 USD without any major breakthroughs.
Looking at the prospects and trend evaluation for the future: With the current situation of the USD gradually recovering, Gold still has a tendency to decline further, as seen by the reversal from the EMA 34 line on shorter timeframes and consolidation on the 4-hour chart.
Breaking below the support level will push Gold back to the 2015 USD mark.
In general, Gold showed signs of decline last week, dropping over 40 USD from 2088 USD to 2045 USD. Towards the end of the week, Gold seemed relatively calm, focusing on a sideways trend with a resistance level at 2050 USD and a support level at 2030 USD.
On Friday, when the Non Farm news was released, Gold experienced significant fluctuations, reaching a high of 2065 USD and a low of 2024 USD. However, Gold closed at 2045 USD without any major breakthroughs.
Looking at the prospects and trend evaluation for the future: With the current situation of the USD gradually recovering, Gold still has a tendency to decline further, as seen by the reversal from the EMA 34 line on shorter timeframes and consolidation on the 4-hour chart.
Breaking below the support level will push Gold back to the 2015 USD mark.
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