0311 XAUUSD weekly outlook

Hello traders,

Last Friday was Non-Farm Payroll day, and there were hints within the circle:

After the European market opened, gold experienced a downward trend. After correcting the drop from the European morning session for half an hour after the U.S. market opened, it continued to fluctuate.**

On the daily chart, Thursday closed with a bearish candle, and gold showed a series of small bearish candlesticks. Considering attempting to enter short positions, the upward trend for gold this week has ended. However, we still need to wait for Friday's Non-Farm Payroll data to confirm.

On the 4-hour chart, gold's fluctuating market is waiting for the Non-Farm Payroll data to guide the direction. Considering the bearish trend on the daily chart, we are waiting for new short signals on the 4-hour chart and looking for entry opportunities on the 1-hour chart to short gold. It is recommended to wait for trading opportunities after the Asian session next Monday.

On the daily level, gold closed bearish on Monday, confirming the reversal at point B on the daily chart.

Based on the bearish formation at the daily level, look for short signals below the EMA resistance line on the 4-hour chart to short gold.

Key focus is on the candlestick reversal pattern in the 2895-2905 range.

Gold short targets:

TP1: 2859

TP2: 2846

TP3: 2833

GOOD LUCK!
LESS IS MORE!