Gold prices didnt have a good time this week , closing way down at 2286 on Friday . Blame it on that US jobs report it turns out the economy might be stronger than some thought . 🫨
That means the Fed holding off on those interest rate cuts , which isnt exactly what gold likes to hear (Lower rates tend to make gold shine brighter) . 🤙🏻
Support Levels Broken . Looking at the daily chart , things are a bit grim . Gold actually broke through that support line around 2327-2314 . That could signal a bearish week ahead .
Short Term Dips or Bullish Bounce ? On the 1 hour timeframe , Im eyeing a possible dip down to 2281-2275 , especially if it breaks below that 2317-2303 zone . But , if gold can smash through that resistance level , then its potential bullish ride !
This is Just My Take ! Before you jump into any trades , make sure you know how to spot those key rejection points and breakouts in the charts . Its all about doing your own research and having a solid trading strategy . 🔥
James_Sf
:
GC grabbed the previous swing low liquidity but XAU didn't on the daily charts. is that something to pay attention to? what's your experience with the XAU and GC coorlation
King Crab
OPJames_Sf
:
Its true that sometimes GC and XAU prices can move a little differently , even though they're both ways to invest in gold . There could be a few reasons for that , like technical factors specific to each contract . In my experience , they're usually pretty well correlated , but there can be occasional differences . Whether its a big deal in this case depends on your trading strategy . If you're just looking for overall gold price movement , it might not be a huge concern . But if you're focused on the technical details of these specific contracts , then it could be worth digging into a bit more .
James_Sf : GC grabbed the previous swing low liquidity but XAU didn't on the daily charts. is that something to pay attention to? what's your experience with the XAU and GC coorlation
TJH_Paul : Thank you for sharing
King Crab OP James_Sf : Its true that sometimes GC and XAU prices can move a little differently , even though they're both ways to invest in gold . There could be a few reasons for that , like technical factors specific to each contract . In my experience , they're usually pretty well correlated , but there can be occasional differences . Whether its a big deal in this case depends on your trading strategy . If you're just looking for overall gold price movement , it might not be a huge concern . But if you're focused on the technical details of these specific contracts , then it could be worth digging into a bit more .
King Crab OP TJH_Paul :