🟡 XAUUSD | MJTrading[/I]
Overview
Gold (XAUUSD) staged a significant recovery this week after retesting a critical support zone. Price action reflected strong buying interest at lower levels, followed by consolidation near mid-range resistance.
🔹 Key Levels:
Strong Support Zone: 3,246 – 3,250
Weekly Low: 3,246.35 (30 June)
Weekly High: 3,365.77 (3 July)
Closing Price: ~3,343
🔹 Price Action Summary:
✅ Early Week Retest & Reversal
After the prior week’s decline, gold opened the week near the major support area around 3,246. This zone acted as a strong demand pocket, triggering a swift rejection and initiating a bullish reversal.
✅ Sustained Rally to Resistance
Price climbed steadily, riding the 15-period EMA to reach the weekly high of 3,365.77 on 3 July. This move represented a nearly 4% recovery off the lows, fueled by renewed safe-haven flows and short covering.
✅ Midweek Consolidation
Following the rally, gold entered a sideways consolidation phase between 3,340 and 3,365. EMA flattening reflected a pause in momentum as traders assessed the next directional catalyst.
✅ Late-Week Pullback
Toward the end of the week, price tested the 3,310–3,320 area before modestly bouncing into the Friday close. Overall, the market maintained a cautiously bullish tone while holding above the prior support.
🔹 Technical Perspective:
🔸 Bias: Cautiously Bullish
Price defended the strong support and printed a higher low structure.
Sustained closes above 3,300 maintain the bullish outlook.
🔸 Near-Term Resistance:
3,365–3,390 remains the immediate supply zone to monitor for breakout attempts.
🔸 Key Support:
The 3,246–3,250 area continues to be the primary downside line in the sand.
🔹 Special Note – 4th July US Bank Holiday
Trading volumes were notably lighter on Thursday, 4th July, due to the US Independence Day holiday. This contributed to reduced liquidity and muted volatility, with many traders and institutions off desks. The thinner market conditions likely influenced the late-week pullback and consolidation, as participation was limited heading into the weekend.
🔹 Sentiment & Outlook
The decisive rebound from support suggests that buyers are defending value zones aggressively. However, failure to close the week above 3,365 leaves gold vulnerable to another retest of mid-range levels if fresh catalysts don’t emerge.
Traders should watch for:
A clean breakout above 3,365 to confirm continuation higher.
Any sustained weakness below 3,300 as a signal of fading bullish momentum.
🧭 Next Week’s Focus:
Monitoring whether the consolidation evolves into accumulation or distribution.
Watching for a breakout or deeper pullback
Reactions to upcoming economic data
EMA alignment: If the 15 EMA continues to track above the 60 EMA, it supports a bullish bias.
Chart Notes:
The main chart highlights this week’s action, while the inset provides a fortnight overview of the broader decline and recovery for context.
Thank you for your time and your support...
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#Gold #XAUUSD #GoldTrading #Forex #Commodities #TechnicalAnalysis #PriceAction #TradingRecap #MJTrading #GoldForecast #MarketReview #WeeklyRecap #TradingView
Overview
Gold (XAUUSD) staged a significant recovery this week after retesting a critical support zone. Price action reflected strong buying interest at lower levels, followed by consolidation near mid-range resistance.
🔹 Key Levels:
Strong Support Zone: 3,246 – 3,250
Weekly Low: 3,246.35 (30 June)
Weekly High: 3,365.77 (3 July)
Closing Price: ~3,343
🔹 Price Action Summary:
✅ Early Week Retest & Reversal
After the prior week’s decline, gold opened the week near the major support area around 3,246. This zone acted as a strong demand pocket, triggering a swift rejection and initiating a bullish reversal.
✅ Sustained Rally to Resistance
Price climbed steadily, riding the 15-period EMA to reach the weekly high of 3,365.77 on 3 July. This move represented a nearly 4% recovery off the lows, fueled by renewed safe-haven flows and short covering.
✅ Midweek Consolidation
Following the rally, gold entered a sideways consolidation phase between 3,340 and 3,365. EMA flattening reflected a pause in momentum as traders assessed the next directional catalyst.
✅ Late-Week Pullback
Toward the end of the week, price tested the 3,310–3,320 area before modestly bouncing into the Friday close. Overall, the market maintained a cautiously bullish tone while holding above the prior support.
🔹 Technical Perspective:
🔸 Bias: Cautiously Bullish
Price defended the strong support and printed a higher low structure.
Sustained closes above 3,300 maintain the bullish outlook.
🔸 Near-Term Resistance:
3,365–3,390 remains the immediate supply zone to monitor for breakout attempts.
🔸 Key Support:
The 3,246–3,250 area continues to be the primary downside line in the sand.
🔹 Special Note – 4th July US Bank Holiday
Trading volumes were notably lighter on Thursday, 4th July, due to the US Independence Day holiday. This contributed to reduced liquidity and muted volatility, with many traders and institutions off desks. The thinner market conditions likely influenced the late-week pullback and consolidation, as participation was limited heading into the weekend.
🔹 Sentiment & Outlook
The decisive rebound from support suggests that buyers are defending value zones aggressively. However, failure to close the week above 3,365 leaves gold vulnerable to another retest of mid-range levels if fresh catalysts don’t emerge.
Traders should watch for:
A clean breakout above 3,365 to confirm continuation higher.
Any sustained weakness below 3,300 as a signal of fading bullish momentum.
🧭 Next Week’s Focus:
Monitoring whether the consolidation evolves into accumulation or distribution.
Watching for a breakout or deeper pullback
Reactions to upcoming economic data
EMA alignment: If the 15 EMA continues to track above the 60 EMA, it supports a bullish bias.
Chart Notes:
The main chart highlights this week’s action, while the inset provides a fortnight overview of the broader decline and recovery for context.
Thank you for your time and your support...
🚀🚀Boost it if you like it (Thanks)🚀🚀
#Gold #XAUUSD #GoldTrading #Forex #Commodities #TechnicalAnalysis #PriceAction #TradingRecap #MJTrading #GoldForecast #MarketReview #WeeklyRecap #TradingView
Note
🖥️ Note on Visual Interaction:Due to varying monitor sizes and aspect ratios, the Fortnight Overview label may appear to overlay the chart for some viewers. If that’s the case, simply adjust your aspect ratio or zoom level to ensure optimal visibility. Appreciate your understanding—clarity is key. 👁️🗨️
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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.
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.