• Sept 5, 2024
  • Trade ideas

XAUUSD: Pre-NFP Forecast

XAUUSD, H4

XAUUSDH4.png

On the H4 timeframe, XAUUSD is showing a solid rise and approaching the 2530 resistance level. RSI and Momentum oscillators have broken above their falling wedge formations and crossed their middle lines upward, suggesting potential bullish momentum.

  • If the price breaks above the 2530 resistance, it will open the way for a rise to the 2565, coinciding with the 161.8 Fibonacci ratio;

XAUUSD, Daily

XAUUSDDaily.png

On the Daily timeframe, XAUUSD has formed an inverted head-and-shoulders pattern, targeting the critical resistance level of 2530 resistance.

  • On the long-term forecast, If the price breaks above the 2530 resistance, it can skyrocket the gold to 2620 resistance, and bring in about 9000 profit pips!
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul