XAUUSD Analysis


Previous Analysis Recap (July 3, 2024):

XAUUSD Trading Range: 2319 to 2339

Resistance: 2338

Support: 2319


Outcome: Gold breached resistance at 2338, achieving targets of 2346, 2352, and 2363, reaching a high of 2365.


Current Market Conditions:

Gold is currently trading above the pivotal level of 2352, with the latest price at 2358.

US markets are closed today due to Independence Day.


Key Market Drivers:

Economic Data Impact: Recent releases including ADP Non-Farm Employment Change, Initial Jobless Claims, ISM Manufacturing Prices (Jun), and ISM Manufacturing PMI (Jun) have bolstered gold, signaled dollar weakness and influenced the breakout above 2338.

FED Meeting Insights:  Yesterday's release of FED Meeting Minutes indicated diminishing price pressures, hinting at potential future rate cuts subject to further inflationary data.


Expectations for Today:

Trading Range: Given the US holiday, XAUUSD is anticipated to fluctuate within the range of 2365 to 2352.

Technical Analysis: Sustained trading above 2352 suggests bullish momentum, barring unforeseen global economic shifts or geopolitical developments.


Today's analysis underscores XAUUSD's current technical resilience and the supportive role of recent economic indicators and central bank signals. Despite subdued trading due to US market closure, the bullish sentiment remains intact pending global economic shifts or geopolitical uncertainties.