Gold Took a Beating This Week ! ☠️
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 .
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 !
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 . 🔥
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 . 🔥
LOVE YOU MORE , IM HOPE MY CRUSH KNOW IT . 🫶🏻
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9+ years trading experience . Can navigate a market crash but still tripping over my crush . 😍🥹😭
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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 :