XAUUSD Analysis
Market Awaits US NFP Data
Gold prices experienced a significant correction following improved US ADP non-farm employment change data and declining jobless claims. There’s now anticipation that the upcoming US non-farm payrolls data may not be as weak as initially expected.
Potential Bearish Rising Wedge Pattern
Gold appears to be forming a bearish rising wedge pattern after breaking below the uptrend line on the H1 time frame. A Sell opportunity could arise if this pattern is confirmed.
Forecast: WEAK XAUUSD
Trade Plan:
- Sell Zone: 2723.59 - 2736.42
- Stop Loss (SL): 2756.84
- Take Profit (TP) Levels:
- TP1: 2707.57
- TP2: 2680.99
- TP3: 2653.47