XAUUSD ANALYSIS FOR ASIAN SECTION 02/07/2024

1 Jul

The XAU/USD (Gold Spot to US Dollar) pair is currently experiencing a mixed outlook. As of July 2, 2024, gold prices have shown some stability, with the spot price hovering around $2,327 per ounce, reflecting a slight increase from previous levels.

Technical Analysis:

Support and Resistance Levels: Gold is facing resistance at $2,338 and support around $2,318. If prices break above the resistance, further upward movement could be seen; conversely, a drop below the support level could indicate a bearish trend.
Moving Averages: Technical indicators like the EMA (Exponential Moving Average) suggest a bearish sentiment in the short term, as the EMA 34 is crossing below the EMA 89.
Market Sentiment: The overall market sentiment is cautious, with investors waiting for further economic data and potential catalysts to drive significant movement in gold prices.
Economic Factors:

US Dollar Strength: The strength of the US Dollar is a crucial factor influencing gold prices. A stronger dollar tends to put downward pressure on gold.
Global Economic Indicators: Upcoming economic events, such as the ECB Forum on Central Banking and speeches by central bank officials, are likely to impact market sentiment and gold prices.
Given the current analysis, it's advisable to monitor these key levels and economic indicators closely to better anticipate potential movements in the XAU/USD pair

For asian section we are anticipating a bearish reversal

ENTRY: 2332.50
TP 2329
TP2 2327
TP3 2324
TP4 2321
SL 2339

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