XAUUSD GOLD ANALYSIS
The ruling price of gold as of 4 August is XAUUSD $2,442.50.
So here, we have discussed bullish and bearish areas along with the rationale that would arrive on a technical head to Gold.
> ● Bullish Zones
1. $2,470 - $2,480 Range:
- Reasons:
- Technical Resistance: The upper end at $2,470 - 80 area a range that has become an area of resistance. If the price goes above this area it likely attracts more buyers to step back in. By recent economic reports showing weakness in the U.S. dollar, gold may erect a spike from an acute IMT bullish stance as it does on historical instances when BL downward turn initial reactive GL wave(s) approach its upper range - ought to create likely hidden impulse scenario component over next few sessions -- reflecting again weak greenback for push higher into extension territory...
2. $2,500 Level:
- Reasons:
- Psychological Resistance: The most important psychological resistance is at $2,500. This level is significant because if the price breaks through, with a strong impulse more buyers may be attracted to enter new long positions.
- Fear of inflation: Inflation concerns and economic uncertainty usually create a buying interest for gold, with its perception as a safe-haven asset.
> ● Bearish Zones
1. $2,430 - $2,420 Range:
- Reasons:
- Support Turned Resistance: This zone could potentially act as an immediate support level If broken, it would likely serve as resistance because traders who missed a chance to buy could turn sellers in order to protect their profits.
- Market Correction: Recent gains may fail to overcome resistance, and a short-term pullback in this region will encourage investors looking for profit.
2. $2,400 - $2,390 Range:
- Reasons:
- Technical Support: This is the range that has either historical significance or technical indicators supporting a case for support on this dip if price gets to their area.
> Economic Factors:
While the dollar has depreciated somewhat, unexpected economic reports or geopolitical events will cause volatility and any upbeat U.S. data may bolster the greenback, exerting pressure on gold prices.
> Additional Considerations
- Geopolitical Events: Gold prices are influenced due to Geopolitical tensions and the Federal Reserve rate hikes etc. Keep an eye on scheduled news events that could either add to or prevent risk-off sentiment.
- Technical Indicators - Oscillators & moving averages are offering a neutral to slightly positive outlook, but those signals could change rapidly with external news.
In all, with further potential upside in gold prices likely to emerge, traders should be mindful of short-term corrections and vulnerable economic data.
So here, we have discussed bullish and bearish areas along with the rationale that would arrive on a technical head to Gold.
> ● Bullish Zones
1. $2,470 - $2,480 Range:
- Reasons:
- Technical Resistance: The upper end at $2,470 - 80 area a range that has become an area of resistance. If the price goes above this area it likely attracts more buyers to step back in. By recent economic reports showing weakness in the U.S. dollar, gold may erect a spike from an acute IMT bullish stance as it does on historical instances when BL downward turn initial reactive GL wave(s) approach its upper range - ought to create likely hidden impulse scenario component over next few sessions -- reflecting again weak greenback for push higher into extension territory...
2. $2,500 Level:
- Reasons:
- Psychological Resistance: The most important psychological resistance is at $2,500. This level is significant because if the price breaks through, with a strong impulse more buyers may be attracted to enter new long positions.
- Fear of inflation: Inflation concerns and economic uncertainty usually create a buying interest for gold, with its perception as a safe-haven asset.
> ● Bearish Zones
1. $2,430 - $2,420 Range:
- Reasons:
- Support Turned Resistance: This zone could potentially act as an immediate support level If broken, it would likely serve as resistance because traders who missed a chance to buy could turn sellers in order to protect their profits.
- Market Correction: Recent gains may fail to overcome resistance, and a short-term pullback in this region will encourage investors looking for profit.
2. $2,400 - $2,390 Range:
- Reasons:
- Technical Support: This is the range that has either historical significance or technical indicators supporting a case for support on this dip if price gets to their area.
> Economic Factors:
While the dollar has depreciated somewhat, unexpected economic reports or geopolitical events will cause volatility and any upbeat U.S. data may bolster the greenback, exerting pressure on gold prices.
> Additional Considerations
- Geopolitical Events: Gold prices are influenced due to Geopolitical tensions and the Federal Reserve rate hikes etc. Keep an eye on scheduled news events that could either add to or prevent risk-off sentiment.
- Technical Indicators - Oscillators & moving averages are offering a neutral to slightly positive outlook, but those signals could change rapidly with external news.
In all, with further potential upside in gold prices likely to emerge, traders should be mindful of short-term corrections and vulnerable economic data.
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