Gold has wanted to break the sideways border for many weeks

Jul 3

💥Fundamental analysis
Gold prices started fresh bids during the European session on Wednesday and look set to continue the previous day's recovery from the 2,319-2,318 support zone. Gold is currently near the top of the short-term trading range that has been in place for the past week or so, . Bets that the US central bank will begin a rate-cutting cycle at its September meeting were reaffirmed by seemingly dovish comments from Federal Reserve Chairman Jerome Powell. . Additionally, concerns about a slowdown in global economic growth, persistent geopolitical tensions along with political instability in the United States and Europe act as drivers for the precious metal. .

Gold price upside may be limited as traders may refrain from aggressive bets and want to wait for more signals on the Fed's future policy decisions. focus will remain on the release of FOMC meeting minutes and the US economic calendar - including ADP report and ISM PMI on services, Nonfarm will influence US Dollar price dynamics (USD) in the short term and create new directional momentum for the yellow metal. Overall, it can be seen that the market wants to go up rather than continue falling to 2300, so investors are still waiting for a recovery to buy long-term.

💥Technical analysis
Recent range-bound price action points to hesitation among traders about the near-term trajectory. At the trading hour of the European trading session, the price of gold was pushed out of the price range of 2340. The buyers wanted to break the sideway structure of the market. When breaking the structure of 2345, gold soon regained its strength around the old peak of last month at $2,365. Some follow-through buying will allow bulls to reclaim the $2,400 round mark

On the upside, the $2,319-2,318 area now appears to have emerged as strong immediate support ahead of the $2,300 mark and the $2,285 horizontal zone. With market sentiment pushing prices up, it is difficult for bears to regain their advantage at hook 2285.

Support: 2320 - 2310 -2302
Resistance: 2343 - 2350 -2360

SELL price range 2358 - 2360 stoploss 2363
BUY price range 2310 - 2308 stoploss 2295

Jul 4

Trade active

Gold price flirts with two-week top amid bearish USD, September Fed rate cut bets
Gold price remains supported near a two-week high amid rising Fed rate cut bets. Geopolitics, along with political uncertainty, also lends support to the XAU/USD. A positive risk tone could cap further gains ahead of the US NFP report on Friday.

Jul 5

Note

Gold continuously trades around the resistance zone

Jul 5

Note

Gold continues positive run as investors foresee lower interest rates
Gold rises on Friday, continuing its run of positive days as investors become increasingly optimistic the Fed will lower interest rates sooner than previously thought, and the US Dollar softens, adding a lift to Gold which is predominantly bought and sold in Dollars.