XAUUSD: Market analysis and strategy for July 1.Gold technical analysis
Daily chart resistance 3400, support 3250
4-hour chart resistance 3374, support 3300
1-hour chart resistance 3355, support 3330
4-hour chart bearish, but 1H chart has reversed bullish. Technically, gold formed a double bottom support near 3247 and has entered the B wave rebound, but beware of the C wave decline that may start at any time.
Gold price accelerated upward after breaking through the key resistance of 3300. 3300 is the 0.50 position of the previous decline. Today's market rose slowly by 50 dollars without a callback. The bullish rally will continue at least until the second half of the NY market before a callback occurs.
The risky approach is to follow the trend and buy at the current price. The safe way is to wait for the callback to around 3325~3330 before buying.
BUY: 3350
BUY: 3330
