XAUUSD (GOLD)
My previous analysis remains valid.
Market Update: Gold (XAU/USD)
Time Frame: 4-hour
🔽 Status: Bullish
📆 09.07.2024
Gold is currently forming a correction from the opening despite the bullish close of Friday's session. The market has been reacting to a false breakout at 2387.
Market Context:
Economic Data: The bullish movement on Friday was supported by relatively positive economic news for gold. Higher unemployment rates in the U.S. led to a sell-off of the dollar as the chances for a potential U.S. interest rate cut slightly increased.
Upcoming Data: This week, traders are focused on the Consumer Price Index (CPI) and Producer Price Index (PPI) data, set to be released on Thursday and Friday, respectively.
Technical Analysis:
Current Market Sentiment: There is noticeable buyer presence in the market. Market Maker (MM) activity suggests consolidation and correction towards the liquidity zone between 2364-2355.
Price Movement: There might be consolidation or a false breakdown before a subsequent upward move.
Key Levels:
Resistance: 2387, 2411
Support: 2364, 2355
Events to Watch:
Jerome Powell's Speech: Overnight, Fed Chair Jerome Powell made a speech. His comments could lead to high volatility in the market. More to come on this later.
Summary
Overall, the fundamental background appears favorable, suggesting a bull market with a current correction towards support levels. Keep an eye on Powell's speech and upcoming CPI and PPI data for potential market impacts.
Market Update: Gold (XAU/USD)
Time Frame: 4-hour
🔽 Status: Bullish
📆 09.07.2024
Gold is currently forming a correction from the opening despite the bullish close of Friday's session. The market has been reacting to a false breakout at 2387.
Market Context:
Economic Data: The bullish movement on Friday was supported by relatively positive economic news for gold. Higher unemployment rates in the U.S. led to a sell-off of the dollar as the chances for a potential U.S. interest rate cut slightly increased.
Upcoming Data: This week, traders are focused on the Consumer Price Index (CPI) and Producer Price Index (PPI) data, set to be released on Thursday and Friday, respectively.
Technical Analysis:
Current Market Sentiment: There is noticeable buyer presence in the market. Market Maker (MM) activity suggests consolidation and correction towards the liquidity zone between 2364-2355.
Price Movement: There might be consolidation or a false breakdown before a subsequent upward move.
Key Levels:
Resistance: 2387, 2411
Support: 2364, 2355
Events to Watch:
Jerome Powell's Speech: Overnight, Fed Chair Jerome Powell made a speech. His comments could lead to high volatility in the market. More to come on this later.
Summary
Overall, the fundamental background appears favorable, suggesting a bull market with a current correction towards support levels. Keep an eye on Powell's speech and upcoming CPI and PPI data for potential market impacts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.