XAUUSD (GOLD)
My previous analysis remains valid.
Market Update: Gold (XAU/USD)
Time Frame: 4-hour
🔽 Status: Bullish
📆 09.07.2024
Gold is currently forming a correction from the opening despite the bullish close of Friday's session. The market has been reacting to a false breakout at 2387.
Market Context:
Economic Data: The bullish movement on Friday was supported by relatively positive economic news for gold. Higher unemployment rates in the U.S. led to a sell-off of the dollar as the chances for a potential U.S. interest rate cut slightly increased.
Upcoming Data: This week, traders are focused on the Consumer Price Index (CPI) and Producer Price Index (PPI) data, set to be released on Thursday and Friday, respectively.
Technical Analysis:
Current Market Sentiment: There is noticeable buyer presence in the market. Market Maker (MM) activity suggests consolidation and correction towards the liquidity zone between 2364-2355.
Price Movement: There might be consolidation or a false breakdown before a subsequent upward move.
Key Levels:
Resistance: 2387, 2411
Support: 2364, 2355
Events to Watch:
Jerome Powell's Speech: Overnight, Fed Chair Jerome Powell made a speech. His comments could lead to high volatility in the market. More to come on this later.
Summary
Overall, the fundamental background appears favorable, suggesting a bull market with a current correction towards support levels. Keep an eye on Powell's speech and upcoming CPI and PPI data for potential market impacts.
Market Update: Gold (XAU/USD)
Time Frame: 4-hour
🔽 Status: Bullish
📆 09.07.2024
Gold is currently forming a correction from the opening despite the bullish close of Friday's session. The market has been reacting to a false breakout at 2387.
Market Context:
Economic Data: The bullish movement on Friday was supported by relatively positive economic news for gold. Higher unemployment rates in the U.S. led to a sell-off of the dollar as the chances for a potential U.S. interest rate cut slightly increased.
Upcoming Data: This week, traders are focused on the Consumer Price Index (CPI) and Producer Price Index (PPI) data, set to be released on Thursday and Friday, respectively.
Technical Analysis:
Current Market Sentiment: There is noticeable buyer presence in the market. Market Maker (MM) activity suggests consolidation and correction towards the liquidity zone between 2364-2355.
Price Movement: There might be consolidation or a false breakdown before a subsequent upward move.
Key Levels:
Resistance: 2387, 2411
Support: 2364, 2355
Events to Watch:
Jerome Powell's Speech: Overnight, Fed Chair Jerome Powell made a speech. His comments could lead to high volatility in the market. More to come on this later.
Summary
Overall, the fundamental background appears favorable, suggesting a bull market with a current correction towards support levels. Keep an eye on Powell's speech and upcoming CPI and PPI data for potential market impacts.
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