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SpanishA Short Term Outlook: XAU/USD (Gold); July 04, 2022
A Short Term Outlook: XAU/USD (Gold)
Today U.S. banks will be closed in observance of Independence Day and thus no key U.S. indicators are scheduled for the day. Gold erases early opening hours gain and stabilizes below $1,810 mark. According to some analysts gold prices will continue to struggle as the Federal Reserve leads the global push to raise interest rates. The Fed is expected to raise interest rates by 75 basis points later this month. If the Fed and other Central banks abandon their efforts to control rising inflation, this would be wildly positive for gold. Let’s wait for the U.S. employment results due on Friday. The Actual numbers will show the real picture of the U.S. job markets and give further direction to the gold as well.
Technical View:
XAU/USD (Gold):
- Gold trades marginally lower and remains well supported below $1,810 mark.
- The pair made intraday high at $1,814 and Low at $1,804 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,802 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,804 | $1,818 |
| $1,799 | $1,822 |
| $1,794 | $1,828 |
| $1,789 | $1,832 |
| $1,782 | $1,838 |
Take a look and do trade wisely!
Good Luck
