Gold Update 7/3

Daily:

Sentiment: Bullish
Trend: Up
Flow: Positive
Nearest Support: 2300-2275 area
Nearest Resistance: 2360-2400 area

4hr:
Sentiment: Slightly Bearish
Trend: Up
Nearest Support: 2340-2345 UTL bottom
Nearest Resistance: 2370-2375 UTL top

1hr:
Sentiment: Bearish
Trend: Up
Nearest Support: 2353-55 UTL
Nearest Resistance: 2360-2365
Flow: Bull Divergence ping

Analysis:

I think with the expectation that NFP will come in soft we may get a run up into the news in assets that would stand to benefit from yields falling IE Gold. That said this is another rangebound play as of right now between 2275 and 2400 until proven otherwise. Sentiment on 1hr/4hr has me tactically bullish here as it’s not on our side but we can stay hot longer for short periods. Bull divergence is interesting too although it’s average

Pine Script®

confidence wise. If we lose 1hr then looking back towards that 2340 area as another spot for a long but so far looks strong and dips may be shallow into Friday.


Scalp:
Tier 1 Long against this 1hr uptrend with that trend line break to be my stop out. Bull divergence helps short term momentum case and with macro as a short term tail wind you may not get much of a dip.
TP: 2370-75
SL: 2353