XAUUSD 08/07 – Gold Faces Uncertainty Amidst Market Consolidation
🟢 Market Overview:
Gold opened the Asian session today with a sharp unexpected decline, breaching the 3300 support level and dipping to 329x. However, this does not necessarily indicate a sustained downtrend; it is more likely a liquidity sweep before the market consolidates.
The market is currently experiencing low liquidity and no clear trend. Today’s news is relatively light, with only political updates related to President Trump making headlines.
📰 Key News:
US Proposes 10% Basic Tariff on EU Goods: The United States has proposed an agreement with the European Union to maintain a 10% basic tariff on all EU goods, with exceptions for certain sectors such as aircraft and spirits.
Political Instability in the US: The political landscape in the US remains unstable, compounded by weak economic data, which continues to drive demand for gold as a safe-haven asset.
🟢 Market Outlook:
In my view, gold is likely to continue its upward trajectory. The political uncertainty and sluggish recovery of the US dollar are offering support for gold's price increase.
🔻 Key Support and Resistance Levels:
Resistance: 3338 – 3346 – 3355 – 3366
Support: 3327 – 3297 – 3275
🎯 Trade Plan for 08/07:
🔹 BUY SCALPING (Short-Term):
Entry: 3322 – 3324
Stop Loss: 3320
Take Profit: 3340 → 3360 → 3390
🔹 BUY ZONE (Long-Term):
Entry: 3310 – 3312
Stop Loss: 3306
Take Profit: 3325 → 3340 → 3360 → 3390
🔴 SELL SCALPING (Short-Term):
Entry: 3350 – 3352
Stop Loss: 3355
Take Profit: 3342 → 3325 → 3310
🔴 SELL ZONE:
Entry: 3365 – 3367
Stop Loss: 3371
Take Profit: 3355 → 3342 → 3325
🔴 SELL ZONE (Wider Range):
Entry: 3390 – 3392
Stop Loss: 3396
Take Profit: 3380 → 3366 → 3340
📌 Conclusion:
The market is currently in a consolidation phase, influenced by political uncertainty and the lack of strong economic data. There are opportunities for both buying and selling, but it is essential to closely monitor support and resistance zones. Wait for confirmation signals before entering the market. With reduced liquidity today, exercise caution when trading.
🟢 Market Overview:
Gold opened the Asian session today with a sharp unexpected decline, breaching the 3300 support level and dipping to 329x. However, this does not necessarily indicate a sustained downtrend; it is more likely a liquidity sweep before the market consolidates.
The market is currently experiencing low liquidity and no clear trend. Today’s news is relatively light, with only political updates related to President Trump making headlines.
📰 Key News:
US Proposes 10% Basic Tariff on EU Goods: The United States has proposed an agreement with the European Union to maintain a 10% basic tariff on all EU goods, with exceptions for certain sectors such as aircraft and spirits.
Political Instability in the US: The political landscape in the US remains unstable, compounded by weak economic data, which continues to drive demand for gold as a safe-haven asset.
🟢 Market Outlook:
In my view, gold is likely to continue its upward trajectory. The political uncertainty and sluggish recovery of the US dollar are offering support for gold's price increase.
🔻 Key Support and Resistance Levels:
Resistance: 3338 – 3346 – 3355 – 3366
Support: 3327 – 3297 – 3275
🎯 Trade Plan for 08/07:
🔹 BUY SCALPING (Short-Term):
Entry: 3322 – 3324
Stop Loss: 3320
Take Profit: 3340 → 3360 → 3390
🔹 BUY ZONE (Long-Term):
Entry: 3310 – 3312
Stop Loss: 3306
Take Profit: 3325 → 3340 → 3360 → 3390
🔴 SELL SCALPING (Short-Term):
Entry: 3350 – 3352
Stop Loss: 3355
Take Profit: 3342 → 3325 → 3310
🔴 SELL ZONE:
Entry: 3365 – 3367
Stop Loss: 3371
Take Profit: 3355 → 3342 → 3325
🔴 SELL ZONE (Wider Range):
Entry: 3390 – 3392
Stop Loss: 3396
Take Profit: 3380 → 3366 → 3340
📌 Conclusion:
The market is currently in a consolidation phase, influenced by political uncertainty and the lack of strong economic data. There are opportunities for both buying and selling, but it is essential to closely monitor support and resistance zones. Wait for confirmation signals before entering the market. With reduced liquidity today, exercise caution when trading.
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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.
👑 Price Action - Simple Trade System - One Shot One Kill Style
🔥 Get Real - Time (3-4 Free Call Daily) Trading Signals Here: t.me/+ECLXdyR7Q4YyM2Rl
🔥 Get Real - Time (3-4 Free Call Daily) Trading Signals Here: t.me/+ECLXdyR7Q4YyM2Rl
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.