XAUUSD Adjustments come back. Late salvation

XAUUSD attracts some dip-buying on Friday and reverses a major part of the previous day's slide back closer to the $2,150 level, or the weekly low. Despite the hotter-than-expected US Producer Price Index (PPI), the markets are still pricing in a greater chance that the Federal Reserve (Fed) will start cutting interest rates in June.

This is reinforced by a fresh leg down in the US Treasury bond yields, which fails to assist the US Dollar (USD) to attract any meaningful buyers. Apart from this, a generally weaker tone around the equity markets lends some support to the safe-haven precious metal.

Despite the uptick, the Gold price remains confined in a familiar range held since the beginning of this week as traders seek more clarity about the Fed's rate-cut path before placing fresh directional bets.

This, in turn, warrants some caution for bullish traders amid still overbought conditions on the daily chart and ahead of the two-day FOMC meeting starting next Tuesday. In the meantime, Friday's US economic docket – featuring the Empire State Manufacturing Index, Industrial Production figures and the Prelim Michigan Consumer Sentiment Index – might provide some impetus on the last day of the week.

Mar 19
Trade active:
🌐PLAN XAUUSD March 19

🔴Sell 2175 - 2177 stop 2181
Buy 2137 2135 stop 2131

Resistance: 2162 - 2171 - 2177
Support: 2145 - 2135 - 2125
Scalping strategies will be applied when the resistance - support areas above have entry signals.

Note: Full TP and SL to be safe and win the market‼️
an hour ago
Comment:
🌐PLAN XAUUSD March 20

🔴Sell 2175 - 2177 stop 2181
Buy 2137 - 2135 stop 2131
Buy 2148 - 2146 stop 2142
(Note the reaction to entry Sell scalp 2166)
Resistance: 2166 - 2175 - 2182
Support: 2146 - 2140 - 2137 - 2125

Scalping strategies will be applied when the resistance - support areas above have entry signals.

Note: Full TP and SL to be safe and win the market‼️

（Source from: TV-Phenol_fx）