XAUUSD (Gold)
👑#XAUUSD (GOLD / U.S. Dollar)
🕓 Time Frame : 1H
🔼 Status : Bullish
🌐 Important
📆 26/07/2024
Analysis:
After retesting the 2430 level, gold (XAUUSD) experienced a selloff. There is currently no significant pressure on the price of gold, likely due to profit-taking amidst the stock market selloff and anticipation of upcoming economic data from the US.
Key Observations:
Profit Taking: Gold fell after retesting 2430, likely due to traders taking profits.
Economic Data: Traders are awaiting key US economic data, including GDP and Initial Jobless Claims, set to be released at 12:30 GMT. This data could have a medium-term impact on the market.
Focus on PCE: The main focus is on the Personal Consumption Expenditures (PCE) data, which will be released on Friday. This data is crucial as investors are anticipating a potential Fed rate cut in September. Lower interest rates tend to increase gold's appeal.
Technical Analysis:
Correction Forming: A correction is forming with strong support areas at 2370 and 2350, which can prevent further declines.
Resistance Levels: 2377, 2392
Support Levels: 2370, 2355, 2350
Potential Scenarios:
Rebound Potential: If the price stabilizes in the 2370-2377 zone, it could set the stage for a rebound.
Consolidation Above 2377: If gold consolidates above 2377, it may enter a recovery phase.
Testing Lower Support: If the price fails to consolidate, traders might test the liquidity in the 2355-2350 range before any further growth.
Conclusion:
Gold is currently in a correction phase with key support levels at 2370 and 2350. The upcoming economic data, especially the PCE, will be crucial in determining the next move. A consolidation above 2377 could signal a recovery, while failure to hold this level might lead to a test of lower supports.
🕓 Time Frame : 1H
🔼 Status : Bullish
🌐 Important
📆 26/07/2024
Analysis:
After retesting the 2430 level, gold (XAUUSD) experienced a selloff. There is currently no significant pressure on the price of gold, likely due to profit-taking amidst the stock market selloff and anticipation of upcoming economic data from the US.
Key Observations:
Profit Taking: Gold fell after retesting 2430, likely due to traders taking profits.
Economic Data: Traders are awaiting key US economic data, including GDP and Initial Jobless Claims, set to be released at 12:30 GMT. This data could have a medium-term impact on the market.
Focus on PCE: The main focus is on the Personal Consumption Expenditures (PCE) data, which will be released on Friday. This data is crucial as investors are anticipating a potential Fed rate cut in September. Lower interest rates tend to increase gold's appeal.
Technical Analysis:
Correction Forming: A correction is forming with strong support areas at 2370 and 2350, which can prevent further declines.
Resistance Levels: 2377, 2392
Support Levels: 2370, 2355, 2350
Potential Scenarios:
Rebound Potential: If the price stabilizes in the 2370-2377 zone, it could set the stage for a rebound.
Consolidation Above 2377: If gold consolidates above 2377, it may enter a recovery phase.
Testing Lower Support: If the price fails to consolidate, traders might test the liquidity in the 2355-2350 range before any further growth.
Conclusion:
Gold is currently in a correction phase with key support levels at 2370 and 2350. The upcoming economic data, especially the PCE, will be crucial in determining the next move. A consolidation above 2377 could signal a recovery, while failure to hold this level might lead to a test of lower supports.
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