📊 Market Overview:
• Gold prices dropped ~0.7% to around $3,319/oz as optimism over the US trade negotiations and a tariff delay (from July 9 to August 1) reduced safe-haven demand.
• The US dollar strengthened slightly on upbeat economic data and expectations that the Fed will not cut interest rates in July, adding pressure on gold prices.
📉 Technical Analysis:
• Key resistance: $3,348 – $3,360 – $3,400
• Nearest support: $3,318 – $3,290
• EMA09: Gold is trading below the EMA50, indicating a short- to mid-term bearish bias.
• Candle/volume/momentum: On the 1H and 15-min charts, the price structure shows a clear bearish expansion – trading below pivot levels with a "bearish opening" setup, suggesting strong selling momentum.
📌 Outlook:
Gold may continue to move slightly lower in the short term if positive trade headlines and USD strength persist. However, if there’s unexpected negative news—like geopolitical tensions or a Fed policy pivot—gold could quickly rebound.
💡 Suggested Trading Strategy:
SELL XAU/USD at: 3,348 – 3,350
🎯 TP: ~40/80/200 pips
❌ SL: ~3,355
BUY XAU/USD at: 3,290 – 3,295
🎯 TP: ~40/80/200 pips
❌ SL: ~3,285
• Gold prices dropped ~0.7% to around $3,319/oz as optimism over the US trade negotiations and a tariff delay (from July 9 to August 1) reduced safe-haven demand.
• The US dollar strengthened slightly on upbeat economic data and expectations that the Fed will not cut interest rates in July, adding pressure on gold prices.
📉 Technical Analysis:
• Key resistance: $3,348 – $3,360 – $3,400
• Nearest support: $3,318 – $3,290
• EMA09: Gold is trading below the EMA50, indicating a short- to mid-term bearish bias.
• Candle/volume/momentum: On the 1H and 15-min charts, the price structure shows a clear bearish expansion – trading below pivot levels with a "bearish opening" setup, suggesting strong selling momentum.
📌 Outlook:
Gold may continue to move slightly lower in the short term if positive trade headlines and USD strength persist. However, if there’s unexpected negative news—like geopolitical tensions or a Fed policy pivot—gold could quickly rebound.
💡 Suggested Trading Strategy:
SELL XAU/USD at: 3,348 – 3,350
🎯 TP: ~40/80/200 pips
❌ SL: ~3,355
BUY XAU/USD at: 3,290 – 3,295
🎯 TP: ~40/80/200 pips
❌ SL: ~3,285
Trade active
President Trump stated that he will impose a 25% tariff on Japan and South Korea.This might be the reason why gold prices surged to $3345.
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📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
Related publications
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.
📊 Forex | Gold | Crypto Market Insights & Signals
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
Related publications
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.