Overall view on XAUUSD or GOLD - Update of July 9th's week
Updated
Gold has been consolidating for 2 weeks with clear levels of institutional supply and demand. Thus, the metal security is swinging in a 50.000 $ per unit or 5,000 pips range favorable for scalping between the extremums. However, the overall trend is bullish and prices jumped back after settling on the support zone. After the fed's chair testimony enlightening us on greater odds of a rate cut, and the upcoming news such as the jobless claim or the consumer price index, we are likely to see more movements.
Possible targets: @1430.000 (+20.000$ per unit or 2,000pips) or @1390.000(+5.00 per unit or 500 pips) if the trend turns bearish.
Advice: Buy at any low point while we don't break @1400.000 bottom level.
Possible targets: @1430.000 (+20.000$ per unit or 2,000pips) or @1390.000(+5.00 per unit or 500 pips) if the trend turns bearish.
Advice: Buy at any low point while we don't break @1400.000 bottom level.
Note
We are pretty much close to the target, while experiencing a little rotation. Tomorrow will give a clear pattern.Note
Close is close enough in markets. After slightly reaching the resistance zone, gold is retracing back and consolidating. It remains bullish while we don't break down @1400.00
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