GOLD → Correction before the bullrun. Target 2500?

Aug 1

XAUUSD is strengthening and testing 2450. The price rise was influenced by Powell's comments on progressive deflation and a possible rate cut in September, as well as another conflict in the Middle East....

The Fed left the rate unchanged for the 8th time at 5.5%. The rate has remained unchanged since the summer of 2023 and is the highest in 20 years. There was considerable discussion of a rate cut at this meeting. A rate cut may be considered in September. In addition, the intensification of the conflict in the Middle East may turn into a full-fledged war, which generally increases the interest in gold.
Today is also a busy news day. Initial Jobless Claims, SP PMI, ISM are ahead. The data also plays an important role in shaping the medium-term strategy, so it is important to evaluate the actual results.

Resistance levels: 2437, 2450
Support levels: 2430, 2421

After a false breakdown of resistance, a correction is forming. Gold is bullish at the moment (trend, sentiment and interest), so the nearest strong support may become a reversal zone for further strengthening. The potential target is 2451 - 2474.

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

Regards R. Linda!

Aug 1

Trade closed: target reached

Target 1 reached

Aug 1

Trade active

Aug 2

Trade active