GOLD → Consolidation. One step away from distribution...

2024年12月3日

XAUUSD is faltering a bit due to high risks before the news. In the moment a strong impulse can be formed. The price is consolidating in the local range. Earlier, the price broke the local upward support....



Traders are consolidating in anticipation of economic data. Volatility is decreasing, speculators are not ready to take risks yet, all attention is focused on PMI, Powell's speech on Thursday and NFP on Friday... A rebound in US dollar demand early Tuesday kept gold buyers on the back foot. China's ongoing economic problems and the threat of global tariffs from Trump, geopolitical tensions in eastern Europe and escalating conflict in the Middle East continue to weigh on investor sentiment.
The future direction of the gold price is likely to depend on upcoming employment data and its impact on expectations of a Fed rate cut

Resistance levels: 2660, 2655
Support levels: 2634, 2618, 2605

Since there is no even direction on the market and the price is inside the channel, we will consider trading from its borders. Therefore, a false break of the key resistance may provoke a fall to the support of the range.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

2024年12月3日

交易結束：目標達成