GOLD → There's a chance at the Bullrun. PCE ahead...

26 ביולי

XAUUSD is testing local channel support and forming a rebound from the liquidity zone. Traders are waiting for PCE data. Favorable inflation data may provide strong support for gold.



Traders are waiting for the PCE, any hints of lower inflation may be viewed quite positively, which will generally increase the chance of interest rate cut in September. As we know, low interest rates make gold more attractive.
Technically, if we pay attention to the D1 chart, gold is testing a conglomeration of strong support: False break of MA-200 + trendline support, as well as bounce from 2350-2355 support level, which means the approximate area of intermediate bottom of the ranyke and forms a global range of 2485 - 2350. But, the fight for 2350 is not over yet.

Resistance levels: 2377, 2392
Support levels: 2370, 2350

Let me remind you that news is unpredictable. Favorable data will influence the possible bull run, but unpredictable ones may provoke sales and price decline to 2350.
But, at the moment of analysis, technical and fundamental nuances point to a bull market, there is a chance of growth to 2400-2430.

Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;)

Regards R. Linda!

27 ביולי

עסקה פעילה

Interim target achieved

28 ביולי

עסקה פעילה

GOLD ends the week quite positively, with bullish signs. The decline that we caught was groundless from fundamental and technical points of view.
Falling stocks and indices prompted traders to start active profit-taking before last week's news, which provoked such a drop to 2350.

From a technical point of view, the price is forming a false breakout of the global support and showing a bullish reaction, indicating that unnecessary traders have been dropped out of the market and now the price from 2350 can safely go up.

Fundamentally, things are generally stable, with last week's news pointing to a smooth progression of deflation, which generally only increases the chances of a possible interest rate cut in September. Worth paying attention to in the coming week: ADP NonFarm, Chicago PMI, FOMC conference, as well as Fed interest rate decision on Wednesday. Also, PMI is published on Thursday and NFP on Friday.



Locally, on H1, there is resistance at 2392-2400. Most likely, a small correction may follow before a further rise. At the moment there is no reason for a strong fall, but I don't rule anything out.
We are waiting for Monday to see how the market opens so that we can make some short and medium term strategies.

Regards R. Linda!

29 ביולי

עסקה פעילה

Intermediate target (descending range resistance) reached