📊 Market Summary
• Spot gold slipped slightly by ~0.1% to around $3,354–$3,361/oz due to profit-taking after last week’s sharp rally following weaker-than-expected U.S. job data
• The U.S. added only 73,000 jobs in July, boosting expectations of a Federal Reserve rate cut in September, with a current market probability of around 81%
• Ongoing geopolitical risks, trade tensions, and robust central bank and ETF gold demand continue to support the long-term bullish outlook
________________________________________
📉 Technical Analysis
• Key resistance: ~$3,360–$3,370/oz (short-term highs, potential profit-taking zone).
• Nearest support: ~$3,330/oz (watch for buying interest on pullbacks).
• EMA09: Price is currently hovering around the short-term EMA (~EMA09), still below EMA50, indicating a mild sideways bias. According to Economies.com, gold hasn’t confirmed a stable uptrend above EMA50 yet
• Candlestick / volume / momentum:
o Today's candle shows mild profit-taking, but momentum remains bullish from the prior session. Volume shows light distribution, not strong selling.
________________________________________
📌 Outlook
• Gold may continue rising slightly in the short term if the upcoming U.S. inflation data (due August 12) remains soft, reinforcing the likelihood of a Fed rate cut
• Conversely, if the U.S. dollar strengthens unexpectedly or new data comes out more robust, gold could retreat back to the $3,330 zone.
________________________________________
💡 Suggested Trading Strategy
SELL XAU/USD : $3,370–$3,373
🎯 TP: 40/80/200 pips
❌ SL: $3,377
BUY XAU/USD : $3,330–$3,333
🎯 TP:40/80/200 pips
❌ SL: $3,327
• Spot gold slipped slightly by ~0.1% to around $3,354–$3,361/oz due to profit-taking after last week’s sharp rally following weaker-than-expected U.S. job data
• The U.S. added only 73,000 jobs in July, boosting expectations of a Federal Reserve rate cut in September, with a current market probability of around 81%
• Ongoing geopolitical risks, trade tensions, and robust central bank and ETF gold demand continue to support the long-term bullish outlook
________________________________________
📉 Technical Analysis
• Key resistance: ~$3,360–$3,370/oz (short-term highs, potential profit-taking zone).
• Nearest support: ~$3,330/oz (watch for buying interest on pullbacks).
• EMA09: Price is currently hovering around the short-term EMA (~EMA09), still below EMA50, indicating a mild sideways bias. According to Economies.com, gold hasn’t confirmed a stable uptrend above EMA50 yet
• Candlestick / volume / momentum:
o Today's candle shows mild profit-taking, but momentum remains bullish from the prior session. Volume shows light distribution, not strong selling.
________________________________________
📌 Outlook
• Gold may continue rising slightly in the short term if the upcoming U.S. inflation data (due August 12) remains soft, reinforcing the likelihood of a Fed rate cut
• Conversely, if the U.S. dollar strengthens unexpectedly or new data comes out more robust, gold could retreat back to the $3,330 zone.
________________________________________
💡 Suggested Trading Strategy
SELL XAU/USD : $3,370–$3,373
🎯 TP: 40/80/200 pips
❌ SL: $3,377
BUY XAU/USD : $3,330–$3,333
🎯 TP:40/80/200 pips
❌ SL: $3,327
Trade active
Gold is in a mild uptrend, but buying momentum is slowing — it needs to hold above the $3348 level to maintain short-term bullish momentum.Trade closed: target reached
The European session has mostly stayed sideways within the $3355–$3361 range, indicating the market is consolidating while waiting for new catalysts. The upcoming U.S. session could see strong volatility, especially if there are clear signals from the USD or economic data. Watch for a breakout above $3365 (bullish) or below $3348 (bearish).
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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.