XAUUSD (GOLD)
Updated
👑 Ideas For XAUUSD / GOLD
🕓 Time Frame : 4hr
🔼 Status : Neutral/Bullish
📆 10.07.2024
Gold is currently trading within an ascending channel, but traders are actively selling off all of Friday's bullish momentum. The key level to watch is the resistance at 2365, where bears are currently holding the market.
Market Context:
Dollar Movement: The dollar has stabilized amid anticipated comments from Fed Chair Jerome Powell, as well as upcoming CPI and PPI data releases on Thursday and Friday.
Fundamental Background: Currently neutral, leading gold to enter a correction phase, testing the liquidity area around 2350.
Key Levels:
Resistance: 2365, 2387
Support: 2358, 2350, 2341
Scenarios:
Bearish Scenario: If sellers maintain control at 2365 and prevent the price from rising above this level, a decline to 2350 and 2341 is likely. Further downside could see the price reaching 2325.
Bullish Scenario: If buyers can form a consolidation above 2365, it will open up a channel towards the upper boundary at 2387. This could lead to a move up to 2375-2385.
Strategy
Given the current market instability and the battle between bullish and bearish participants at the key resistance level, two scenarios are possible. Prioritize a small bounce from 2365, a resistance retest, and a potential breakout with bullish momentum towards 2375-2385.
Summary
Focus on the 2365 level. The outcome of the struggle at this resistance will dictate the next significant move for gold. Watch for Powell's comments and the CPI and PPI data, which could heavily influence market sentiment and direction.
🕓 Time Frame : 4hr
🔼 Status : Neutral/Bullish
📆 10.07.2024
Gold is currently trading within an ascending channel, but traders are actively selling off all of Friday's bullish momentum. The key level to watch is the resistance at 2365, where bears are currently holding the market.
Market Context:
Dollar Movement: The dollar has stabilized amid anticipated comments from Fed Chair Jerome Powell, as well as upcoming CPI and PPI data releases on Thursday and Friday.
Fundamental Background: Currently neutral, leading gold to enter a correction phase, testing the liquidity area around 2350.
Key Levels:
Resistance: 2365, 2387
Support: 2358, 2350, 2341
Scenarios:
Bearish Scenario: If sellers maintain control at 2365 and prevent the price from rising above this level, a decline to 2350 and 2341 is likely. Further downside could see the price reaching 2325.
Bullish Scenario: If buyers can form a consolidation above 2365, it will open up a channel towards the upper boundary at 2387. This could lead to a move up to 2375-2385.
Strategy
Given the current market instability and the battle between bullish and bearish participants at the key resistance level, two scenarios are possible. Prioritize a small bounce from 2365, a resistance retest, and a potential breakout with bullish momentum towards 2375-2385.
Summary
Focus on the 2365 level. The outcome of the struggle at this resistance will dictate the next significant move for gold. Watch for Powell's comments and the CPI and PPI data, which could heavily influence market sentiment and direction.
Trade closed: target reached
Target reached on the bullish move to the 2390 area. Gold bounced immediately. watch for more bearish pressure.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.