Gold price analysis July 24
Diupdate
Fundamental analysis:
Gold prices attracted some buying activity on Wednesday and recovered further from a more than one-week low touched on Monday. The momentum lifted the precious metal to fresh weekly highs around the $2,418 region during the Asian session and was backed by a combination of supportive factors.
Growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September, along with US political developments, prompted some intraday selling around USD and acts as a driving force for Gold prices. However, traders may refrain from positive bets and prefer to wait for further signals on the Fed's policy path. As a result, the focus remains on US Q2 GDP data and the US Personal Consumption Price Index (PCE), expected on Thursday and Friday. Meanwhile, global PMIs will be looked at for short-term momentum.
Technical analysis:
From a technical perspective, this week's recovery from the $2,385 resistance level signals the end of the downtrend of recent days as wave 5 has ended and the abc wave of the elliot wave pattern has also ended. around 2411. The aforementioned 2385 area will now act as an important pivotal point, which if broken decisively will pave the way for deeper losses. Gold prices could then slide to the 61.8% Fibo level, around the $2,366-$2,365 area.
On the other hand, any further upside move is likely to face some resistance near the $2,420-2,422 zone above which a fresh short squeeze could lift Gold prices to the $2,430-2,432 zone. Momentum could extend again to retest all-time highs, around the $2,482 region.
Resistance: 2420 - 2431 - 2436 - 2450
Support: 2385 - 2375 - 2368 - 2360
SELL 2422 - 2420 stoploss 2425
SELL 2431 - 2433 stoploss 2437
BUY 2386 - 2384 stoploss 2380
BUY 2373 - 2375 stoploss 2369
Gold prices attracted some buying activity on Wednesday and recovered further from a more than one-week low touched on Monday. The momentum lifted the precious metal to fresh weekly highs around the $2,418 region during the Asian session and was backed by a combination of supportive factors.
Growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September, along with US political developments, prompted some intraday selling around USD and acts as a driving force for Gold prices. However, traders may refrain from positive bets and prefer to wait for further signals on the Fed's policy path. As a result, the focus remains on US Q2 GDP data and the US Personal Consumption Price Index (PCE), expected on Thursday and Friday. Meanwhile, global PMIs will be looked at for short-term momentum.
Technical analysis:
From a technical perspective, this week's recovery from the $2,385 resistance level signals the end of the downtrend of recent days as wave 5 has ended and the abc wave of the elliot wave pattern has also ended. around 2411. The aforementioned 2385 area will now act as an important pivotal point, which if broken decisively will pave the way for deeper losses. Gold prices could then slide to the 61.8% Fibo level, around the $2,366-$2,365 area.
On the other hand, any further upside move is likely to face some resistance near the $2,420-2,422 zone above which a fresh short squeeze could lift Gold prices to the $2,430-2,432 zone. Momentum could extend again to retest all-time highs, around the $2,482 region.
Resistance: 2420 - 2431 - 2436 - 2450
Support: 2385 - 2375 - 2368 - 2360
SELL 2422 - 2420 stoploss 2425
SELL 2431 - 2433 stoploss 2437
BUY 2386 - 2384 stoploss 2380
BUY 2373 - 2375 stoploss 2369
Catatan
waiting plan sell scalping at 2320Trading ditutup: target tercapai
SELL scaling 2322 +70 pipsCatatan
Gold is trading higher as stagflation fears take hold, suggesting inflation may remain elevated amid slower growth.The nomination of Kamala Harris as the Democrat presidential candidate further aids Gold as her policies are seen as less inflationary.
Gold is potentially unfolding a down-leg within a widening sideways trading range.
Catatan
+ sell at 2431-2433 + 600 pips hit FULL TPTrade aktif
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