XAUUSD (GOLD / USD)
👑 Ideas for XAUUSD / GOLD
📈 GOLD Correction after the rally: Bears still dominate
📈 The fight for 2365. Can we get to 2400?
🔽 Status: Bearish
📆 11/07/2024
Analysis:
Gold (XAUUSD) is currently testing the $2350 level, gathering liquidity below this zone. Bulls are actively defending this key area, and the overall outlook appears promising. However, market dynamics remain uncertain due to Federal Reserve Chairman Jerome Powell's upcoming speech, ahead of the Consumer Price Index (CPI) and Producer Price Index (PPI) releases.
Key Observations:
Bullish Defense: Bulls are holding the price above $2350, showing bullish dynamics.
Consolidation: Gold is consolidating above the key level of $2365 and testing the liquidity area between $2375 and $2380.
Potential Breakout: A breakout and consolidation above this area could further strengthen the price, with targets at $2387 and potentially reaching $2400.
Resistance Levels:
2373
2380
Support Levels:
2365
2355
2350
Conclusion:
While a short-term bounce to the downside is possible, consolidation above the key zones could form an interim bottom for the bulls. The market's reaction to Powell's comments and upcoming economic data will be crucial in determining the next direction for gold prices.
📈 GOLD Correction after the rally: Bears still dominate
📈 The fight for 2365. Can we get to 2400?
🔽 Status: Bearish
📆 11/07/2024
Analysis:
Gold (XAUUSD) is currently testing the $2350 level, gathering liquidity below this zone. Bulls are actively defending this key area, and the overall outlook appears promising. However, market dynamics remain uncertain due to Federal Reserve Chairman Jerome Powell's upcoming speech, ahead of the Consumer Price Index (CPI) and Producer Price Index (PPI) releases.
Key Observations:
Bullish Defense: Bulls are holding the price above $2350, showing bullish dynamics.
Consolidation: Gold is consolidating above the key level of $2365 and testing the liquidity area between $2375 and $2380.
Potential Breakout: A breakout and consolidation above this area could further strengthen the price, with targets at $2387 and potentially reaching $2400.
Resistance Levels:
2373
2380
Support Levels:
2365
2355
2350
Conclusion:
While a short-term bounce to the downside is possible, consolidation above the key zones could form an interim bottom for the bulls. The market's reaction to Powell's comments and upcoming economic data will be crucial in determining the next direction for gold prices.
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