Gold price today (July 11): Gold is likely to conquer all-thighs
Based on our recent analysis, there is a notable market imbalance indicating that Gold is likely to retrace and fill the imbalance area. We have observed the emergence of a distinct order block on the daily chart, suggesting institutional orders entering the market.
This is further supported by the formation of an inverted head and shoulders pattern just above the Daily Buy order block, coinciding with the release of the Friday NFP news.
For traders who missed the opportunity to enter at the order block, it is advised to exercise patience and monitor the 4-hour chart for a potential breakout above the neck line. Once the breakout occurs, it is recommended to wait for a retest of the breakout level before initiating a buy position. Our target price is set at the $1950 area, which aligns with the location of the last unfilled imbalance.
Trading plan:
SELL GOLD price range: 1933 - 1935
Stop Loss : 1938
Take Profit : 1925
Take Profit : 1915
Take Profit : 1905
Note: TP, SL full to be safe and win the market!
This is further supported by the formation of an inverted head and shoulders pattern just above the Daily Buy order block, coinciding with the release of the Friday NFP news.
For traders who missed the opportunity to enter at the order block, it is advised to exercise patience and monitor the 4-hour chart for a potential breakout above the neck line. Once the breakout occurs, it is recommended to wait for a retest of the breakout level before initiating a buy position. Our target price is set at the $1950 area, which aligns with the location of the last unfilled imbalance.
Trading plan:
SELL GOLD price range: 1933 - 1935
Stop Loss : 1938
Take Profit : 1925
Take Profit : 1915
Take Profit : 1905
Note: TP, SL full to be safe and win the market!
Comment:
Kevin Grady, President of Phoenix Futures and Option, said that in the current environment, gold is likely to move higher in the near term. However, he added, the lack of clarity from the US Federal Reserve on the future path of monetary policy is making many investors cautious.
Comment:
The U.S. Bureau of Labor Statistics said 209,000 jobs were created in June, below expectations as economists forecast a job gain of about 224,000.
Comment:
From a technical perspective, Boutros pointed out that gold can only break its downtrend when it rises above $1,943 an ounce. Conversely, if the gold price remains below $1,943 per ounce, it may plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.
Comment:
Gold has started the trading week with a fairly peaceful movement as it only slightly decreased in the US Monday midday session. Still, it's been a hectic week for US economic reports, including key US inflation data later this week.
