Gold Continues Its Upward Momentum Despite Short-Term Pullback📊 Market Summary
• Spot gold slipped slightly by ~0.1% to around $3,354–$3,361/oz due to profit-taking after last week’s sharp rally following weaker-than-expected U.S. job data
• The U.S. added only 73,000 jobs in July, boosting expectations of a Federal Reserve rate cut in September, with a current market probability of around 81%
• Ongoing geopolitical risks, trade tensions, and robust central bank and ETF gold demand continue to support the long-term bullish outlook
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📉 Technical Analysis
• Key resistance: ~$3,360–$3,370/oz (short-term highs, potential profit-taking zone).
• Nearest support: ~$3,330/oz (watch for buying interest on pullbacks).
• EMA09: Price is currently hovering around the short-term EMA (~EMA09), still below EMA50, indicating a mild sideways bias. According to Economies.com, gold hasn’t confirmed a stable uptrend above EMA50 yet
• Candlestick / volume / momentum:
o Today's candle shows mild profit-taking, but momentum remains bullish from the prior session. Volume shows light distribution, not strong selling.
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📌 Outlook
• Gold may continue rising slightly in the short term if the upcoming U.S. inflation data (due August 12) remains soft, reinforcing the likelihood of a Fed rate cut
• Conversely, if the U.S. dollar strengthens unexpectedly or new data comes out more robust, gold could retreat back to the $3,330 zone.
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💡 Suggested Trading Strategy
SELL XAU/USD : $3,370–$3,373
🎯 TP: 40/80/200 pips
❌ SL: $3,377
BUY XAU/USD : $3,330–$3,333
🎯 TP:40/80/200 pips
❌ SL: $3,327
