Gold price analysis July 8

In the previous US session, strong buying pressure pushed gold prices up and formed a bullish hammer candlestick pattern on the D1 chart - a potential sign for an uptrend recovery.

🔄 Today's scenario: The correction in the early session is considered a good opportunity to buy, expecting the price to continue the uptrend.

📍 Nearest resistance zone:
The price is currently facing the resistance zone of 3344 in the European session. If gold breaks 3344, the next target will be 3365 - the gap zone that has not been filled.

However, according to the wave structure, it would be more optimal if the price has a retest to the 3320 zone, accumulates more buying momentum and then breaks out strongly through 3344.

📉 Bearish scenario:
If 3320 is broken, especially with a trendline and support zone breakout signal, a sell strategy can be activated with a lower target.

🔸 Support: 3320 – 3297
🔸 Resistance: 3345 – 3352 – 3365
🔸 Sell is triggered if: Price breaks 3320, confirms breaking trendline & support zone.

💬 Do you have any comments on this trading plan? Leave a comment!