💡 XAUUSD: Anticipate adjustment to old price

➡️ Gold in the past two days created an uptrend. After the NFP news was announced, the uptrend became even stronger.

➡️ However, gold still cannot break out of the 200x price range. Three times he tried to break through but couldn't.

➡️ This time, Gold will likely fall to the lower price range like previous times. It is predicted that gold will retest the peak price zone again

➡️ The price is being sandwiched between two large volume areas, so there is a high possibility of an inside, so in this case you should only trade according to the closing price, the rate of decline is quite high, so you just need the right time to sell.

➡️XAUUSD SELL LIMIT 1998 - 2000
TAKE PROFIT: 1985
STOP LOSS: 2010

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“If the labor market starts to deteriorate, the Fed will not be able to continue on its hawkish path,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. The data reinforces expectations the Fed is pausing interest rate hikes and that is supporting gold.”

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As per the CME Fed Watch tool, traders are now estimating a 95% probability that the US Central Bank will maintain the current interest rates in December. This is an increase from the previous estimate of 80% before the data was made available.

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In the wake of recent geopolitical turbulence, there has been a significant surge in the appetite for gold as a safe-haven asset, contributing to a 7% increase in its value during October. Nevertheless, analysts suggest that geopolitical uncertainties are not diminishing the allure of gold, and it continues to attract long-term investors, though the upward momentum of gold seems to be waning.

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Despite the sharp decline in the USD, gold prices did not have a corresponding increase, the upward momentum continued to be blocked around the 2000 resistance area and created a new bearish signal. We can see a head and shoulders reversal pattern forming, please pay attention to this pattern, in case it is confirmed and the price breaks the 1960 support level, the price may retest the resistance zone. Ly 1900

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Gold broke the lower resistance zone

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