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.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.