FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders, XAUUSD daily chart

Despite a decent recovery, sellers from the peak of 4381 continue to keep XAUUSD prices within a descending impulse. However, the situation is on the edge, and in case of a reverse breakout and price consolidation above the last angle of the ascending fan and the level of 4250, this impulse will be invalidated. The nearest significant support for this instrument is located in the 4000\4080 dollar per troy ounce zone. Still, bears can only count on a full resumption of the southern movement after a re-breakout and price consolidation below the northern start line of 3886. However, it is unlikely to expect a breakout before the FOMC meeting. Therefore, on the daily timeframe, sellers maintain a slight advantage, but tomorrow's US job market report could alter the XAUUSD picture.