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Shalika Dogra

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Gold continues to trade in a short-term uptrend, with prices consolidating above key support levels. Long trades should be considered on corrections at specified support zones, while a consolidation below support may indicate a reversal and shorting opportunities.

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The gold market is currently experiencing a decline, heading towards the key support level set at the August 22 low. This level is critical for traders, as breaking through it could signal a continuation of the correction towards the next significant support range of 2452 - 2445. Despite this short-term downturn, the overall trend remains within an uptrend, and the market is approaching important support zones where potential reversal opportunities could arise.

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Comprehensive Analysis of GBP/JPY: Key Support and Resistance Levels Explained

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Trading Strategy Poll | The Investing Forex

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This week marks the beginning of the second-quarter earnings season for major US banks, with positive expectations despite a potential decline in net interest income. Treasuries are also gaining traction as cooling inflation raises hopes for Fed rate cuts. Meanwhile, political uncertainty continues with President Biden's recent missteps at the NATO summit.

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Gold prices broke above $2400 as the latest CPI data showed lower-than-expected inflation, and unemployment claims were higher than anticipated. The XAUUSD consolidated between $2406 and $2420. A breakout above $2420 could target $2435 - $2450. The decline in inflation and rise in unemployment claims suggest potential rate cuts by the Federal Reserve, fueling the gold price surge.

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Gold is in a short-term uptrend, targeting the July 5 high and possibly reaching the upper Target Zone of 2451 - 2436 if consolidation occurs above this level. Long trades are recommended at strong support levels, with the first target at 2365. The 10-year Treasury yield is poised for a potential dip, influenced by the upcoming CPI report. A September Fed rate cut is becoming more likely due to disinflation, labor market issues, and an increasing real fed funds rate. Risk appetite remains strong, with equities expected to continue their upward movement.

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Gold has reversed its short-term downtrend after breaking through the 2369 - 2361 boundary. Traders should consider long positions with a target in the upper Target Zone of 2451 - 2436. In case of a downward correction, look for support between 2342 - 2337 to initiate long trades, aiming for the high from July 5. Pay attention to Jerome Powell's testimony today, as it could influence gold prices and market dynamics. Always focus on clear market structures before entering trades.

[sdogra]

Gold remains in a downward correction within a medium-term uptrend, with the key support zone at 2300 - 2285 holding strong. Potential long trades target 2367 and 2450, while a break below 2285 could reverse the uptrend and target 2250 - 2240. Short-term downtrend resistance at 2369 - 2361 may be tested again if the corrective rise continues. Important market-moving events include PMI data, Powell's speech, and JOLTS job openings data, all of which could influence gold's price movement this week.