sdogra

[sdogra]

Gold's uptrend nears the resistance zone at 2752 - 2741, signaling a possible correction. Learn about the key support levels and strategies for long trades near 2612 - 2601 and 2557 - 2541, with targets near 2722.

[ Gold, Gold Trading, Gold Price, Technical Analysis, Market Analysis, Commodity Trading, Forex, Precious Metals, Trading Strategy, Support and Resistance ]

[sdogra]

Gold Price Correction | Will XAUUSD Hold or Reverse the Uptrend?

Gold has started a correction, breaking through the support zone of 2630 - 2625 yesterday. With this breach, there is a potential for prices to decline further towards the next support level of 2603 - 2594. If this zone is reached, traders may consider long trades with targets set at 2640 and 2685. However, if the price breaks through the support today, we could see the short-term uptrend reverse, opening the possibility for short trades aimed at the lower target zone of 2528 - 2512.

[sdogra]

Gold hits a new all-time high near 2640, signaling continued strength in the short-term uptrend. A potential correction could begin if resistance holds. Explore key levels for long trades.

[sdogra]

Shalika Dogra

[sdogra]

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.

[sdogra]

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.

[sdogra]

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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[sdogra]

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.

[sdogra]

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.

[sdogra]

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.