Gold’s Recent Movement and Market SentimentXAUUSD: Gold Bounces Strongly From the Bottom, Is This the Start of a New Uptrend?
🌍 Macro Overview – Gold’s Recent Movement and Market Sentiment
Gold recently experienced a strong bounce from the 3.282 USD/oz low, reaching up to 3.317 USD/oz. This move has sparked some optimism, but let’s take a look at the key macro factors that might be affecting gold:
📉 US bond yields have dropped, signaling that market risk aversion is starting to return
💵 The USD remains strong, but buying interest for gold in Asia is increasing, as confidence in fiat currencies begins to wane
🇪🇺 The EU is pushing ahead with negotiations with the US on tariffs before the August 1st deadline. If these talks break down, gold could benefit significantly
🏦 The Fed is maintaining interest rates, but the market is betting that cuts could come in September if inflation remains under control
📊 US unemployment data and the Fed’s speech tonight will be key, with the market waiting anxiously for clues on the Fed’s next move
📊 Technical Analysis – Gold Approaching Key Resistance Zones
Gold is trading within a descending channel, but signs of a breakout are emerging after a solid test of the bottom.
Key resistance levels are around 3330 – 3340, and these will be crucial in determining whether gold can continue its upward momentum.
Fair Value Gap (FVG) has appeared between 3310 – 3320, which suggests that if buying pressure remains, a breakout could be on the horizon.
🎯 Trading Strategy for Today – Focused on Clear Entry Points
🟢 BUY SCALP:
Entry: 3310 – 3308
SL: 3304
TP: 3314 → 3318 → 3322 → 3326 → 3330
🔵 BUY ZONE (safer entry points):
Entry: 3290 – 3288
SL: 3284
TP: 3294 → 3298 → 3302 → 3306 → 3310 → 3320 → 3330
🔴 SELL SCALP (if price hits resistance levels):
Entry: 3335 – 3337
SL: 3342
TP: 3330 → 3325 → 3320 → 3315 → 3310 → 3300
⚫ SELL ZONE (strong resistance at 3360-3362):
Entry: 3360 – 3362
SL: 3366
TP: 3356 → 3352 → 3348 → 3344 → 3340 → 3336 → 3330
📌 Note:
Always place SL and TP to protect your account, especially in a market that may experience significant volatility.
Monitor the volume from London and New York sessions for clearer market direction. A strong breakout above resistance could signal the start of a new uptrend.
💬 Gold has bounced strongly, but is this the start of a larger rally, or just a brief pullback? What do you think about today’s potential trend? Share your thoughts in the comments below!
