DeGRAM | GOLD fixed below the triangle

31 Jul

📊 Technical Analysis
● XAUUSD is forming a bearish descending wedge within a broader symmetrical triangle, facing rejection at 3,310 near prior support-turned-resistance.
● Repeated failure to hold above trendlines and continued lower highs favor a drop toward the 3,246.56 level, with possible overshoot if support breaks.

💡 Fundamental Analysis
● Rising real yields and hawkish Fed tone continue to pressure gold; ISM Manufacturing Prices and NFP loom as next volatility catalysts.
● Reduced ETF inflows and strong dollar on resilient US macro data weigh on demand for non-yielding assets.

✨ Summary
Short bias below 3,310. Breakdown eyes 3,246 → 3,200 zone. Resistance holds while trendline caps recovery.

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1 Ogo

Dagangan aktif

📊 Technical Analysis
● XAUUSD remains capped below the long-term resistance line, with a triple-top pattern forming beneath 3,355 and successive lower highs validating the bearish outlook.
● Price has broken below the shaded support zone and rising channel, targeting the 3,262.3 level, with potential extension toward 3,209.

💡 Fundamental Analysis
● US yield curve steepening after Fitch’s downgrade and strong wage inflation has bolstered the dollar, pressuring gold further.
● ETF outflows and subdued central bank purchases continue to weaken physical demand amid resilient US data.

✨ Summary
Short setup valid below 3,310. Breakdown targets 3,262 ➜ 3,209. Bearish trend holds under major resistance.

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