XAUUSD analysis for the week 1/07/2024 to 05/07/2024
Updated
After touching just above the $2,290 support level on Wednesday, gold prices surged higher intraday. This level has proven to be a formidable support barrier since April, consistently reinforcing itself as the lower boundary of a sideways trading range.
This range has encompassed the majority of price action since April, indicating a neutral mid-term outlook. In the short term, gold is likely to continue oscillating within this established range.
Momentum indicators provide promising signals:
RSI (Relative Strength Index): The RSI has broken above the neutral 50 level, suggesting an increase in buying pressure.
MACD (Moving Average Convergence Divergence): The MACD has made a bullish crossover, indicating a potential shift in momentum towards the upside.
Analysis Summary:
Trend: The recent intraday movement above the $2,290 support level points to a clear upward trend.
Momentum: Bullish signals from the RSI and MACD suggest a positive shift in momentum.
Strategic Recommendation:
Primary Strategy: Buying the dips is recommended, as the strong support level and bullish momentum indicators signal further price increases.
Target Levels:
First resistance target: $2,337
Subsequent resistance target: $2,348 2362 2377-85
Conclusion:
With a clear upward trend, a robust support level at $2,290, and bullish momentum indicators, gold prices are poised to rise. Investors should consider buying on dips, targeting the resistance levels at $2,337 , 2347, 2362, 2377 and 2385.
Comment
reached first sub resistance point 2332Comment
hit targets 2337 ✅✅✅
2347✅✅✅
2362✅✅✅
Trade closed: target reached
WE PREDICTED IT HAPPENED,we predicted 2385 in the beginning of this week and it just happened
Comment
LAST WEEK ALL OUR ANALYSIS BECAME PERFECT BULLISH TARGET REACHED 600 PIPS PROFIT✅✅✅✅✅✅✅😎😎😎😎😎Disclaimer
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