📊TECHNICAL ANALYSIS ON 1-HOUR TIMEFRAME
There are some good signs for bulls on XAUUSD
First of all, after touching 2010 confluence support, the price reversed quickly to 2040 zone resistance. Secondly, yesterday Gold has made a higher low in the 2020 zone. Considering that, in spite of Monday's movement, the medium-term is still grossly bullish, 2010 could be a local bottom. For the past 20 hours or so Gold remained in a range and even we have price congestion, and a break looking imminent now. I believe this break will be to the upside and in such a case, 2050 is the next resistance for traders to watch. At this moment I'm very cautious when it comes to Gold, but 2070 is not out of the question, if by week's end bulls manage to maintain the 2020 zone intact. In the alternative scenario, a drop under 2020, I believe, will lead to a break of confluence support (2010) and, in that case, Gold will become bearish in the medium-term.
📊QUICK FUNDAMENTAL LOOK
Gold prices were flat on Thursday as investors held back from making big bets ahead of a crucial U.S. payrolls data later this week that could offer more clues on the Federal Reserve's interest rate trajectory.
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