XAUUSD (Gold)
🪙 #XAUUSD (GOLD / U.S. Dollar)
🕓 Time Frame : 1H
🔼 Status : Bullish
🌐 Important
📆 30/07/2024
Current Market Situation:
Gold has been strengthening since the session opened and is currently testing the 2400 zone. The market sentiment is turning bullish again, although it is approaching a strong resistance level at 2400. The key focus is on the 2393.0 level.
Market Dynamics:
No Significant News: Today, there is no major news affecting the market, and the overall situation remains stable.
US Deflation: Markets are awaiting confirmation of US deflation progression, which could hint at the soon reduction of interest rates. This scenario is generally favorable for gold.
Technical Outlook:
Key Level: The focus is on the 2393 edge of the range. If the price consolidates above this area, it could influence further growth.
Descending Resistance: It is important to monitor the descending resistance as it may be difficult to break this area on the first attempt.
Resistance Levels:
2400
2430
Support Levels:
2393
2384
2377
Conclusion:
The technical and fundamental outlook for gold is quite positive. We should expect a retest of resistance with potential subsequent growth. However, before entering an active recovery phase, there might be a retest of support levels such as 2387, 2382, or 2377.
🕓 Time Frame : 1H
🔼 Status : Bullish
🌐 Important
📆 30/07/2024
Current Market Situation:
Gold has been strengthening since the session opened and is currently testing the 2400 zone. The market sentiment is turning bullish again, although it is approaching a strong resistance level at 2400. The key focus is on the 2393.0 level.
Market Dynamics:
No Significant News: Today, there is no major news affecting the market, and the overall situation remains stable.
US Deflation: Markets are awaiting confirmation of US deflation progression, which could hint at the soon reduction of interest rates. This scenario is generally favorable for gold.
Technical Outlook:
Key Level: The focus is on the 2393 edge of the range. If the price consolidates above this area, it could influence further growth.
Descending Resistance: It is important to monitor the descending resistance as it may be difficult to break this area on the first attempt.
Resistance Levels:
2400
2430
Support Levels:
2393
2384
2377
Conclusion:
The technical and fundamental outlook for gold is quite positive. We should expect a retest of resistance with potential subsequent growth. However, before entering an active recovery phase, there might be a retest of support levels such as 2387, 2382, or 2377.
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.