Gold Analysis: Bullish to $2335-$2340, Expected Drop to $2320
Gold Movement Analysis
Date of Analysis: 03rd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2365
Current Situation:
Gold has rejected the support level at $2316 and is bullish towards $2335-$2340. However, a bearish trend is expected, potentially bringing the price down to $2320.
Important Note:
Economic data releases are expected today, which could impact the gold market.
Economic Data (Moscow Time Zone):
ADP Nonfarm Employment Change (Jun)
Currency: USD 🇺🇸
Time: 15:15
Effect: ⭐
Previously: 152K
Forecast: 159K
Initial Jobless Claims
Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 233K
Forecast: 235K
S&P Global Services PMI (Jun)
Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 54.8
Forecast: 55.1
ISM Non-Manufacturing PMI (Jun)
Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 53.8
Forecast: 52.7
ISM Non-Manufacturing Prices (Jun)
Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 58.1
Forecast: N/A
FOMC Meeting Minutes
Currency: USD 🇺🇸
Time: 21:00
Effect: ⭐
Conclusion:
Gold has shown a bullish movement towards $2335-$2340 after rejecting the support at $2316. However, a bearish trend is expected, potentially bringing the price down to $2320. The economic data releases today, particularly those related to the USD, could significantly impact gold prices. Monitoring these releases is crucial for further analysis and potential adjustments to the forecast.
Date of Analysis: 03rd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2365
Current Situation:
Gold has rejected the support level at $2316 and is bullish towards $2335-$2340. However, a bearish trend is expected, potentially bringing the price down to $2320.
Important Note:
Economic data releases are expected today, which could impact the gold market.
Economic Data (Moscow Time Zone):
ADP Nonfarm Employment Change (Jun)
Currency: USD 🇺🇸
Time: 15:15
Effect: ⭐
Previously: 152K
Forecast: 159K
Initial Jobless Claims
Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 233K
Forecast: 235K
S&P Global Services PMI (Jun)
Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 54.8
Forecast: 55.1
ISM Non-Manufacturing PMI (Jun)
Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 53.8
Forecast: 52.7
ISM Non-Manufacturing Prices (Jun)
Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 58.1
Forecast: N/A
FOMC Meeting Minutes
Currency: USD 🇺🇸
Time: 21:00
Effect: ⭐
Conclusion:
Gold has shown a bullish movement towards $2335-$2340 after rejecting the support at $2316. However, a bearish trend is expected, potentially bringing the price down to $2320. The economic data releases today, particularly those related to the USD, could significantly impact gold prices. Monitoring these releases is crucial for further analysis and potential adjustments to the forecast.
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