+30pips close a part move SL to entry.🔥

HIT TP1 +65pips. Heading to TP2 😵😵😵

HIT TP1 . Heading to TP2 😵😵😵

TP2 😵😵😵

TP2 😵😵😵

🖥GOLD MARKET ANALYSIS AND COMMENTARY - [Jul 07 - Jul 11]

Gold prices opened the week at $3,246/oz due to low summer liquidity, easing recession fears and easing geopolitical tensions. However, they later recovered to $3,365/oz due to concerns about a possible re-escalation of the trade war, as some countries faced obstacles in negotiations with the US ahead of the July 9 tariff delay deadline. By the end of the week, prices had adjusted to $3,311/oz and closed at $3,335/oz.

In addition, the US Senate has passed the OBBBA tax cut and spending bill proposed by President Donald Trump. While it helps prevent the risk of a short-term default, the bill could increase the US public debt by more than $3,000 billion over the next 10 years, putting pressure on the bond market and raising concerns about the increasing supply of government bonds while demand is weakening.

However, US economic data over the weekend put downward pressure on gold. Specifically, the June employment report showed that the number of non-farm jobs (NFP) reached 147,000, exceeding the forecast of 111,000. The unemployment rate fell to 4.1%, lower than the expected 4.3%. At the same time, NFP data for April and May were also adjusted up to 158,000 and 144,000 jobs, respectively.

These positive numbers almost erased the expectation that the FED would cut interest rates in July. The FED also reaffirmed its stance on maintaining the current policy due to rising inflationary pressures.

Overall, gold prices are still stuck in a range, and a clearer prospect of interest rate cuts from the FED is needed to make a strong breakthrough in the near future.

📌Technically, the $3,310/oz level is now acting as an important support zone for gold prices next week. If this level is broken, prices may continue to fall further to the $3,245/oz area or even lower.
On the other hand, the $3,365/oz level is a strong resistance. If gold prices break through this area, there is a high possibility that they will approach the $3,400/oz mark. However, the upward momentum may be restrained afterwards due to profit-taking pressure from investors, especially when the US-China trade negotiations are still ongoing and have not reached a final agreement. Investors tend to be cautious, waiting for clearer signals before opening new positions.

Notable technical levels are listed below.
Support: 3,300 – 3,292 – 3,250USD
Resistance: 3,350 – 3,371 – 3,400USD

SELL XAUUSD PRICE 3401 - 3399⚡️
↠↠ Stop Loss 3405

BUY XAUUSD PRICE 3294 - 3296⚡️
↠↠ Stop Loss 3290

⚡️Psychology, discipline and capital management are the three factors that make victory possible.⚡️