#XAU UPDATE:

Gold(XAUUSD) seems to have managed to break the Support zone($2,670-$2,653). It is currently completing a pullback to this zone, so the pullback pattern appears to be a rising wedge pattern.

According to Elliott's wave theory, Gold seems to have completed wave 4.

I expect Gold to continue falling to the next Support zone($2,670-$2,653) and the Potential Reversal Zone(PRZ)[$2,640-$2,634].

⚠️Note: If Gold breaks the Resistance zone($2,665-$2,662) and resistance line, we can expect gold to rise further.⚠️

🔔Be sure to follow the updated ideas.🔔

Gold Analyze ( XAUUSD ), 15-minute time frame ⏰.

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The US released multiple employment-related reports throughout the week. The ADP report indicated that the private sector added 143K new jobs in September 2024. On the other hand, the Nonfarm Payroll (NFP) report showed an increase of 254K new jobs. Additionally, the unemployment rate fell to 4.1%. The US dollar surged in response, closing at higher weekly levels.
Meanwhile, Gold (XAU) and Silver (XAG) consolidated throughout the week. AUD/USD declined sharply due to the strengthening of the US dollar. The US will release the FOMC meeting minutes on Wednesday and the September CPI data on Thursday. Additionally, the September PPI data will be released on Friday. These inflation figures are expected to drive market movements for gold, silver, and AUD/USD. Despite the strong US dollar, gold and silver show consolidation patterns that indicate a potentially bullish setup. This bullish setup will likely strengthen ahead of the upcoming inflation data releases.
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Gold consolidation throughout the week has formed a bullish pennant. The price remains above the 20 and 50 SMAs, indicating a bullish trend. A break above $2,686 will likely initiate upward momentum in the gold market. The daily support levels are at $2,606 and $2,525. Gold is consolidating within this pennant ahead of CPI week.
The bullish pennant is also observed on the 4-hour chart. This pennant has formed within the rising channel pattern. Last week’s NFP release triggered strong volatility, but the price remains above the channel’s midline. The support levels are $2,630 at the black trend line and $2,590 at the rising channel pattern. #XAUUSD

🔥🚨 Gold (XAUUSD) Take-Aways ➡️ The gold price will be stably growing in the long term. The historical high was set at $2,073 in May 2023.➡️ Most expert analysts predict that the XAUUSD rate will rise. The precious metal is expected to update its historical peak: the rate may exceed $2,300 in early 2024.➡️ The price will continue to rise in 2025 - 2030. In optimistic scenarios, the rate will go above $3,000. Still, deep corrections to $1,928 are also possible.➡️ The gold price rises during market instability and amid high demand for precious metals. The XAUUSD is considered an excellent long-term investment asset.🔥🚨 How to make Forecast ?➡️Fundamental analysis: allows you to track changes in monetary policy and other factors affecting the price of precious metals. First of all, these are changes in the global financial system and the actions of the US central bank.Therefore, it is extremely important to take into account various macroeconomic indicators: federal funds rate changes;1) inflationary expectations;2) currencies’ movements and the money supply size3) balance of imports and exports.🌟 Remember that fundamental analysis is commonly used in predicting global trends.➡️Technical analysis:This approach includes studying the history of XAUUSD quotes on charts using indicators and other tools for analyzing price movements. Technical analysis can help determine support and resistance levels, trend lines, possible price breakouts and reversals both in the long term, and in intraday trading.Gold has a directional movement in the long term. Therefore, for technical analysis, trend indicators such as Moving Averages, RSI, MACD, and Bollinger Bands are primarily used.➡️Market sentiment analysis:This approach consists in assessing the mood of buyers and sellers, namely, who has a dominant position in the market at the moment. Market sentiment analysis instruments include surveys, content monitoring in social networks, and specialized online platforms, such as litefinance.org.It is important to remember that market sentiment can change very quickly. It is influenced by future gold price forecasts from professional analysts or, for example, by what information Fed Chairman Jerome Powell will provide.#XAUUSD $BTC $BNB $BNB #Gold #BTC #sol #BinanceWish Thanks for reading....