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July 11, 2022

A Short Term Outlook: XAU/USD (Gold); July 11, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. calendar will remain empty for the day but traders eye U.S. FOMC member Williams speech will remain in focus. He is due to speak about LIBOR at an event hosted by the Federal Reserve Bank of New York. Since morning gold too moves in choppy boundaries and stabilizes below $1,740 mark. Tomorrow as well U.S. calendar will remain silent as no key fundamentals have scheduled to release.

Technical View:

XAU/USD (Gold):

Gold slips back below $1,740 mark and hovers around $1,735 levels.
The pair made intraday high at $1,744 and Low at $1,733 mark.
A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $1,748 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $1,732 on H1 chart will test further supports.

SUPPORTS	RESISTANCES
$1,732	$1,748
$1,726	$1,752
$1,721	$1,758
$1,715	$1,764
$1,709	$1,770

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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