GOLD 03/7 - 7/7: Expected bullish recovery

OANDA:XAUUSD   Gold Spot / U.S. Dollar
In the past week, central banks have indicated their intention to tighten monetary policy, leading to a drop in gold prices below $1900.
Despite the possibility of an interest rate hike and a decrease in demand for physical gold, the US economy has shown signs of solid recovery with positive GDP growth in Q1 and continued consumer demand driving GDP growth.

From a technical standpoint, last Friday's retracement suggests a possible rebound in gold prices, offering hope for a recovery.

For this week, I plan to place short-term Buy orders. To start, I will wait for the price zone between $1915 and $1912 to be retested. Once that happens, I will make a purchase with a target of $1930 and $1940 for this week.

Additionally, if the market reacts at these levels, I will also consider setting up Scalp orders at $1930 and $1940.


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