Gold market commentary ( XAUUSD ) week 8/5 - 12/5/2023

Gold (XAU/USD) prices fell after hitting a record high as the bulls breathed a sigh of relief ahead of the main US Nonfarm Payrolls (NFP).

The Federal Reserve (Fed) hinted at a pause on the trajectory of interest rate hikes after raising its benchmark interest rate to its highest level since 2007. The same is in line with Fed Chairman Jerome Powell's cautious remarks. , by assuming that the current monetary policy is at a sufficiently restrictive level, to weigh the US dollar and push up gold prices.

Trading recommendation:

Buy 2010-2012

Stop Loss : 2008

Take profit1 : 2020
Take profit 2: 2025
Take profit 3: 2030

Sell 2029-2030

Stop Loss : 2033

Take profit1 : 2022
Take Profit 2: 2016
Take profit 3: 2010

Buy Stop 2021-2022

Stop Loss : 2018

Take profit1 : 2026
Take profit 2: 2030
Take profit 3: 2038

Note: Always install Stoploss and Takeprofit to ensure safety in trading