Fundamental point of view
Today to the U.S. trading session we have very important news releases for federal fund rate decision and also FOMC statement by the Fed. The market is expecting that a 0.25 basis point for the rate will be cut by the Fed. But before the interest rate decision, ADP -Non-farm employment change and GDP will be released for the U.S. economics calendar. Some numbers for the GDP and also employments in the U.S. investors are now looking for to see how far is the economy be affected by the tradewars.
Technical point of view
XAUUSD has been recently consolidated and trading around the lower value area, which has a trading range from $1,488.xx( the lower value area)-$1,512.xx( the higher value area) of the month Oct 2019. Take a look at the below depicted chart for more info:
As we have updated XAUUSD in the previous post, that a bearish mode will be activated with XAUUSD, in case the current monthly lower value area at $1,488.xx would be broken down and the monthly candle closed below that area, then we probably enter a further bear market to the lower price zone at $1,430.xx.
Take your look to the previous posts about:
For an upside scenario, XAUUSD needs to be traded again above $1,500.xx price handle, then at that price zone, buyers are stronger to push XAUUSD to its next highs. Anyway as mentioned earlier that a bull is only to recognize, that $1,524.xx price handle has to be reached firstly, and trade above from there, then we are looking for an clear upside, else it is just be traded in a larger range.
We will keep monitoring for XAUUSd in the coming posts.