Weekly Outlook: Strong Bullish Momentum Meets Key US Data

XAUUSD – Weekly Outlook: Strong Bullish Momentum Meets Key US Data | MMFLOW TRADING

Market View:
Gold (XAUUSD) ended the week with explosive momentum after Nonfarm Payrolls pushed price to a new ATH near $3600/oz. On the daily chart, the bullish candle closed with only ~30% wick, showing no signs of profit-taking. The weekly chart also printed a powerful bullish candle, confirming BUY dominance. This suggests that gold could see further upside in the coming week – and potentially throughout this month.

Macro & Fundamental Drivers (Week Ahead):
Key US data will drive volatility in XAUUSD:

Wed, Sep 10: Core PPI & PPI m/m → hotter-than-expected prints could support USD short term, weighing on gold.
Thu, Sep 11: CPI (Core, m/m, y/y) + Jobless Claims → the most critical release. Softer CPI + higher jobless claims would fuel gold’s rally, while hotter CPI keeps Fed hawkish.
Fri, Sep 12: UoM Consumer Sentiment & Inflation Expectations → inflation outlook could shape Fed expectations further.

Overall, fundamentals may create volatility, but the medium-term bias stays bullish.

Technical Outlook (H1 Chart):
Price is consolidating sideways after the Nonfarm breakout. Key levels to watch next week:

Support: 3574 – 3551 – 3530 – 3516
Resistance: 3600 – 3621 – 3633 – 3649 – 3669 – 3678

Trading Plan:
BUY bias (preferred):
Long on pullbacks around 3574–3550
SL: below 3530
TP: 3600 → 3621 → 3633 → 3649 → 3669 → 3678

SELL scalp (alternative):
Only if 3530 breaks with strong CPI upside surprise → target 3516/3527

Summary:
✅ Gold remains in a strong uptrend on both Daily and Weekly charts, with macro factors favouring further upside if inflation continues to ease.
👉 Watch 3592 (bullish trigger) and 3575 (bearish trigger) – these are the decision points for the next major move.
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