In an informative analysis reported by Reuters, it has been revealed that the goal of the scheme mentioned is spoofing. Spoofing is a manipulative tactic employed to create the illusion of demand or supply in order to profit from price movements. This detailed report sheds light on how this deceptive practice works and its impact on financial markets.
W pattern is formed in last 3 trading days total range covered 1790-1755-1790 again, total 70$ movement already done in 3 trade days, with NFP release expecting gold to go higher as last 3 attempts it did not crossed 1750 barrier. indicating a upwards movement , if did not crossed then we will again see a downtrend movement till CPI PPI data.
1711 range support zone is first buying point
XAUUSD Support and Resistance Levels:
Resistance Levels (R):
- R1:1789
- R2:1798
- R3:1821
- R4:1838
Support Levels (S):
- S1:1760
- S2:1745
- S3:1721
- S4:1709
Biden said last week we are not going to be in a recession in my view, similarly treasury secretary janet yellen said that the us economy is not in a recession. the last FOMC meeting reduced the odds of a large decline, but the sell-off at the beginning of a crisis phase is still very likely, as it was observed in 2008 and in 2020.
