Market Outlook Summary – XAU/USD (Gold vs US Dollar)
Date: July 7, 2025
I am closely monitoring the current market structure for XAU/USD, guided by a combination of Elliott Wave analysis, key support and resistance zones, and Fibonacci projections.
At present, gold is trading around $3,310.82. Our analysis identifies two important zones:
A Sell Zone near $3,345.12, where price may face resistance.
A Buy Zone around $3,291.05, offering potential support for bullish opportunities.
Additionally, a key Fibonacci extension (1.618) sits at $3,257.63, which could provide further downside protection if prices temporarily dip lower.
The recent break above the descending trendline suggests growing bullish momentum. Once the current corrective phase (Wave 2) completes, I anticipate a potential upward move targeting the $3,440–$3,500 range in the medium term.
I recommend watching these zones closely for potential trading opportunities and will continue to update you as the market develops.
Date: July 7, 2025
I am closely monitoring the current market structure for XAU/USD, guided by a combination of Elliott Wave analysis, key support and resistance zones, and Fibonacci projections.
At present, gold is trading around $3,310.82. Our analysis identifies two important zones:
A Sell Zone near $3,345.12, where price may face resistance.
A Buy Zone around $3,291.05, offering potential support for bullish opportunities.
Additionally, a key Fibonacci extension (1.618) sits at $3,257.63, which could provide further downside protection if prices temporarily dip lower.
The recent break above the descending trendline suggests growing bullish momentum. Once the current corrective phase (Wave 2) completes, I anticipate a potential upward move targeting the $3,440–$3,500 range in the medium term.
I recommend watching these zones closely for potential trading opportunities and will continue to update you as the market develops.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.