Resistance: The chart highlights a resistance zone around $2,398 to $2,400, which aligns with the previous day's midnight open price. This is an area to watch for potential selling pressure. Support: Multiple support zones are marked as areas of liquidity around $2,360, $2,340, and lower levels, indicating potential buying interest.
Trend Lines:
The chart shows a downward trend channel, with the price currently moving towards the upper boundary near the $2,400 resistance level. The downward trend line suggests a bearish bias unless there is a breakout above the resistance.
Consolidation Zones:
Several consolidation zones are highlighted, indicating areas where the price might range before making a decisive move.
Moving Averages:
The 50 SMA is at $2,374.54, and the 200 SMA is at $2,391.26. The price is hovering around these levels, suggesting a potential battleground between bulls and bears. Price Patterns:
The chart shows an A to B equilibrium move, indicating a corrective phase within the larger downtrend. Market Structure Shift (MSS) and Break of Structure (BOS):
The 4H MSS and BOS are key points indicating potential trend reversals or continuation patterns.
Alignment with Previous Factors
Strong NFP Data and Potential FOMC Hawkishness:
Given the strong NFP data, there's a likelihood of a hawkish stance from the FOMC, which could strengthen the USD and put downward pressure on gold prices. This aligns with the downward trend channel and potential for resistance around $2,400 to hold. Technical Indicators:
The chart's technical levels, particularly the resistance around $2,400 and the support zones below, align well with the broader market sentiment of a potential bearish outlook if the USD strengthens further. Market Sentiment:
If investors perceive the FOMC to be hawkish, the bearish sentiment could prevail, pushing gold prices towards the lower areas of liquidity.
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