XAUUSD 02/07: Will Gold Continue Its Strong Rally or Face a Pullback?
📉 Technical Analysis – Gold Faces Short-Term Pullback After Strong Rally
Gold has been experiencing a clear rally in recent days, but it’s currently undergoing a brief correction. The price has recently dropped slightly, prompting traders to keep a close eye on key levels for potential reversal or continuation of the bullish move.
🌍 Macroeconomic Context – Factors Impacting Gold's Price
USD Fluctuation: The weakness in the US Dollar continues to affect gold prices, creating opportunities for the precious metal to maintain its upward movement.
Geopolitical Tensions: Ongoing global tensions, including the US-Iran conflict, act as a safe-haven factor, supporting gold demand.
Interest Rate Expectations: The market is closely watching for any changes in interest rate policies. Any future rate cuts by the Fed could further bolster gold's price.
📊 Technical Outlook (H1 – H4 – D1)
Short-Term Trend: On the H1 timeframe, the price of gold touched a key level near 3340. From there, the price began to experience a pullback. However, the upward momentum remains strong on higher timeframes.
Key Support Levels: The 3300 level remains a crucial support. If the price stays above this, there’s a chance for gold to continue rising towards higher levels.
Key Resistance Levels: 3360 and 3380 are critical resistance levels. If breached, gold could move towards new highs.
📍 Important Support and Resistance Levels:
🔺 Resistance: 3345 – 3360 – 3380 – 3400
🔻 Support: 3300 – 3290 – 3270 – 3250
💡 Trading Plan for Today, 02/07:
🔵 BUY ZONE:
📈 Entry: 3305 – 3303
📉 SL: 3297
💰 TP: 3315 → 3325 → 3340 → 3360
🔴 SELL ZONE:
📉 Entry: 3360 – 3362
📈 SL: 3368
💰 TP: 3350 → 3340 → 3320
📣 Conclusion:
Gold is showing signs of short-term correction but remains a strong asset due to geopolitical factors and monetary policies. Buying opportunities continue to be attractive at support levels, while key resistances will play a crucial role for any breakout. Keep an eye on the mentioned levels to capitalize on market movements.
Happy trading and best of luck to all traders!
📉 Technical Analysis – Gold Faces Short-Term Pullback After Strong Rally
Gold has been experiencing a clear rally in recent days, but it’s currently undergoing a brief correction. The price has recently dropped slightly, prompting traders to keep a close eye on key levels for potential reversal or continuation of the bullish move.
🌍 Macroeconomic Context – Factors Impacting Gold's Price
USD Fluctuation: The weakness in the US Dollar continues to affect gold prices, creating opportunities for the precious metal to maintain its upward movement.
Geopolitical Tensions: Ongoing global tensions, including the US-Iran conflict, act as a safe-haven factor, supporting gold demand.
Interest Rate Expectations: The market is closely watching for any changes in interest rate policies. Any future rate cuts by the Fed could further bolster gold's price.
📊 Technical Outlook (H1 – H4 – D1)
Short-Term Trend: On the H1 timeframe, the price of gold touched a key level near 3340. From there, the price began to experience a pullback. However, the upward momentum remains strong on higher timeframes.
Key Support Levels: The 3300 level remains a crucial support. If the price stays above this, there’s a chance for gold to continue rising towards higher levels.
Key Resistance Levels: 3360 and 3380 are critical resistance levels. If breached, gold could move towards new highs.
📍 Important Support and Resistance Levels:
🔺 Resistance: 3345 – 3360 – 3380 – 3400
🔻 Support: 3300 – 3290 – 3270 – 3250
💡 Trading Plan for Today, 02/07:
🔵 BUY ZONE:
📈 Entry: 3305 – 3303
📉 SL: 3297
💰 TP: 3315 → 3325 → 3340 → 3360
🔴 SELL ZONE:
📉 Entry: 3360 – 3362
📈 SL: 3368
💰 TP: 3350 → 3340 → 3320
📣 Conclusion:
Gold is showing signs of short-term correction but remains a strong asset due to geopolitical factors and monetary policies. Buying opportunities continue to be attractive at support levels, while key resistances will play a crucial role for any breakout. Keep an eye on the mentioned levels to capitalize on market movements.
Happy trading and best of luck to all traders!
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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.
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
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.