XAUUSD - 2024/16/07
Updated
We had a nice push yesterday creating a new higher high, after creating the higher high we had a pullback back down to creat a fresh new support level after which we moved back up in Asia session.
Daily, 4h and 1h are extremely bullish.
As for the fundamentals we have Retails sales for the USD today which will have an impact on XAUUSD. Inflationary data (negative for gold) and deflationary data (positive for gold). But overall the bullish market sentiment remains strong.
Looking for continuation higher to create the new higher high.
We have 2 possible pullback areas:
1. 2427.195 - 2421.230 Area
2. 2415.078 - 2411.134 Area
Once we reach the area then i will drop down to my entry timeframe to look for a possible entry setup.
Daily, 4h and 1h are extremely bullish.
As for the fundamentals we have Retails sales for the USD today which will have an impact on XAUUSD. Inflationary data (negative for gold) and deflationary data (positive for gold). But overall the bullish market sentiment remains strong.
Looking for continuation higher to create the new higher high.
We have 2 possible pullback areas:
1. 2427.195 - 2421.230 Area
2. 2415.078 - 2411.134 Area
Once we reach the area then i will drop down to my entry timeframe to look for a possible entry setup.
Note
Worth noting on the Daily timeframe that when we sit in a consolidation for a long period of time and then get a breakout on either side we can see a move in that direction for at least the 1x the consolidation.See below the daily chart:
Note
USD Retail Sales just release at 08:30 AM EST time. The data release was inflationary (higher) meaning it is bearish for gold. But my personal opinion the bullish sentiment is stronger than the data that was release and I believe we will move higher.The inflationary data is what we needed for the market to move down to our entry point.
Note
Just missed our entry zone and shot up to target 2. 
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