#XAUUSD (GOLD)

👑 Ideas For XAUUSD / GOLD
📈 GOLD Correction after the rally: Bears still dominate
📈 GOLD → From rally to consolidation. Rest before NFP...

Analysis:
Gold (XAUUSD) has strengthened following comments from Federal Reserve Chairman Jerome Powell. His light positive notes led to a sell-off in the U.S. Dollar Index (DXY), causing a small rally in gold prices to $2364. Today is a public holiday in the U.S., leading to reduced liquidity, and tomorrow's Non-Farm Payrolls (NFP) report is highly anticipated.

Current Market Conditions:
U.S. Holiday: Reduced market liquidity may result in high volatility but weak movements.
Resistance Levels: $2364, $2375
Support Levels: $2353, $2341

Technical Analysis:
Resistance Testing: Gold is currently testing resistance and liquidity areas.
Correction Formation: With a strong distribution, there is a high probability of correction rather than a breakthrough.

Bearish Patterns: Local bearish patterns are appearing on the chart, suggesting a potential correction to gather momentum before the NFP report.

Conclusion:
False Breakout: After the recent distribution, a false breakout is forming, indicating no immediate potential for an upward move.
High Probability of Correction: Given the current technical setup, there is a high probability of a correction or consolidation.