#xauusd

Gold in the Daily Timeframe

I have highlighted the most significant economic events in 2023 that have led to major movements on the chart!
Of course, the pre-NFP (Non-Farm Payrolls) ascending leg was attributed to the inflation data in November 2022!

The first case was the NFP report, which boosted both actual returns and market expectations.

The second case was the collapse of Silicon Valley Bank, which caused fear in the banking sector.

The third and final case was the NFP report and average hourly income at the beginning of May.

Currently, gold is positioned on the 50% Fibonacci level, the uptrend line, and its 100-day Moving Average. It has found support there, but for now, there is a lack of necessary data and news to sustain the upward trend for gold!
If weak data for the U.S. economy is released, gold will fall below the uptrend line. Otherwise, gold will be supported and continue its upward trend!

This week, we have important news that could help determine the gold trend!