XAUUSD Analysis & Trend 


As of the analysis, XAUUSD continues its downtrend, trading below the pivot point. The current movement is a continuation of previous days' bearish trends. On June 21, 2024, XAUUSD experienced a loss of 52 points, dropping from 2369 to 2317. The economic data released on that day, including S&P Global US Manufacturing PMI, S&P Global Services PMI, and Existing Home Sales for May, had a negative impact on gold prices. Prior to this data release, gold was already trending downwards, and the data accelerated this decline. 


Yesterday, gold encountered strong resistance at 2337 (specifically between 2333 and 2335) before dropping to 2316 levels. Technically, gold is demonstrating a bearish trend, with prices extending losses to 2309 as of June 26, 2024. Key support levels are identified at 2305 - 2309, with intraday expectations potentially leading to levels around 2300.



Technical analysis suggests anticipated levels for gold at 2300, 2290, 2275, and 2250.


Fundamental Analysis in XAUUSD

Fundamentally, there are expectations for an upward movement in gold prices. Analysts foresee two rate cuts this year, compared to previous signals indicating only one. Additionally, ongoing gold accumulation by China, amidst its reduced holdings of US bonds, supports the outlook for higher gold prices. The end of Saudi petrodollar deals and potential implications for dollar strength also contribute to bullish sentiment for gold. Some analysts predict gold prices could reach $3000 per ounce, particularly if rate cuts accelerate.


Key Levels:

Pivot (P): 2324

Resistance 1 (R1): 2332

Resistance 2 (R2): 2346

Support 1 (S1): 2311

Support 2 (S2): 2303


This analysis provides a comprehensive view of the current XAUUSD scenario, combining technical and fundamental insights to guide trading decisions.