Live analysis of XAUUSD on the 4-hour chart shows price below the 8-period EMA in a downtrend. Retail sentiment is 64% long, a level that often precedes reversals. Rising jobless claims at 1850 suggest the Fed may cut rates when the new chair takes office, bullish for gold.
Hello everybody. Let's look at the charts. As we can see, the second candle has opened below the 8 EMA. This is the 8 EMA candle 1. Candle 2. We have dipped into this demand zone over here and this demand zone. So we know that orders are active here and orders are active here. So we don't know what's going on at the moment whether they're in an accumulation phase or a distribution phase. What we do know is that we're in a downtrend currently. I'm not going to hedge because we're in these demand zones. So the only time I'm going to hedge is if the price actually drops. I would say it's got to drop really below the 200 moving average, which is there. 200 moving average about there. So probably you are 50 to $80 below the 200 moving average to clear the 200 moving average. Then I know that we're south and we're probably heading off into the zone over here. So that's what's happening on the four hour chart. Let's go and have a look and see what's happening with the sentiment. Don't forget that there's job loss claims today and there's NFP tomorrow. So that's going to be quite exciting. Rate it later. Cool. So let's go see the sentiment. Okay, so we can see longs are 64% and shorts are 36%. So yeah, we can still go south some more. When longs hit 80%, that's when there's usually a reversal. So I'm still expecting the price of gold to drop as I've said previously. So let's have a look at the calendar and see what's happening with job loss. So there we go. There's the job loss claims. We look at the continuing job loss claims. So it's more. So it's 1850, which is more than previous. We'll have to wait for the actual. If actual is more than the consensus, that is a deflationary marker and it means that the interest rates are working and that means that the Fed is set to reduce rates when the new Fed chair Nash comes into power in March. So we can expect gold to increase in value if that happens. And then we've got NFP on Friday and no nfp. So NFP has been cancelled because probably of the government shutting down over that period for that decision that had to be made. How interesting. So no nfp. Wow. Okay, I wasn't aware of that. Okay, so that's that and I'll see you on the groups. Cheers. By the way, if you're watching this on YouTube, please subscribe. If you're watching this on any of my other socials, please subscribe. Give me a follow, give me some likes. Tell me what you want to listen to. Tell me what you're interested in. If you got any questions, let me know. You're also free to join my Discord community. Cheers.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
