#GOLD
👉New forecast
XAUUSD market has broken ⚡️ out above the trendline and 🗝 key level at 2330. A double top pattern,〽️ accompanied by divergence, suggests that a correction may be imminent. Following the significant 🔻 sell-off from the 2390 level, I expect the market to consolidate within 🔀 the range of 2380-2350.

📊 As the price has broken out of this range zone below, ⤵️ it's likely to retest the broken level before making a move upwards.📈 However, if the market retests the support area between 2330 and 2340 and rejects it,🔎 we can look for buying confirmation, because the price is currently near the resistance zone.

🎯My goal is the resistance zone around 2377.

⚔️Analytics for #GOLD

GOLD forming a triangle pattern, indicating a range-bound market.
On 1D TF, the price remains within the range established on June 7, suggesting that a continuation of this 👉sideways movement is possible.
Following a last sell-off, I believe the market may remain range-bound, squeezed within the triangle shape, before surging upwards due to the underlying bullish trend. The price has returned to the 🪛consolidating zone, which could indicate that the market will continue trading within this range next week.

📌Note that this time, the bearish move was less intense compared to previous ones, but the recent bullish move was stronger.
However, if the price breaks and closes below the triangle pattern, we can expect lower prices to follow. Conversely, if the market moves above the pattern, we can anticipate further upward momentum.
Overall, I expect a sideways move until a clear trend emerges.

#GOLD
👉UPDATE
The recent sell-off 🔻 in XAUUSD has brought the price back to the range zone. At this point, it's likely that the market will enter a sideways phase 🐌 until significant new news emerges. I expect the market to consolidate today. I think, the market will📈 retest the resistance zone at 2350, which is also the upper border of the triangle pattern📐 I mentioned earlier.

🔎 If we see rejection at the 🗝 psychological level below 2300, there is a high likelihood of a bullish move.🐃 However, if the market continues to decline, the next significant support level will be at 2280.

🎯My target is resistance zone at 2347.

#GOLD
👉UPDATE
The gold market remains within the consolidation zone,📊 and it appears that the market is awaiting the upcoming news release,🗞 which is likely to trigger a wave of orders that will increase volatility. Currently, the market is testing the top of the consolidation zone, ❗️and an ideal scenario would be a fake breakout of the small range zone, followed by a channel breakout to the upside. ⚡️

This would set the stage for 📈 a potential upward move from the bottom of the range. I expect the price to break out of its current 🔀 consolidation zone and begin an upward trajectory if confirmation is received.✅

🎯My target is the resistance zone at 2350.

#GOLD
👉UPDATE
After losing momentum🔻 following the bearish impulse move, the gold market has formed a 🐃 bullish divergence as it approaches the support level. I think the market may be poised to 📈 move upward to the top of the consolidation zone. On the 4H chart, a long-tailed bar📍 has formed, indicating buying pressure.

🔎 If we take a look at the daily timeframe, 📊 we'll see that the price has taken out liquidity 🪝 below the last three days' lows. This could be a bullish sign that may propel the market upward. ⚡️ I expect the market to slowly move upward, retesting the resistance between 2340 and 2350.

🎯My target is resistance at 2345.

#GOLD
👉New forecast
The price perfectly fulfilled my last idea.📌 XAUUSD has rebounded off its🗝 key support level and is now making its way towards the resistance zone. Considering the significance of today's news events,🗞 I think it's likely that the market will retest this resistance before potentially pulling back down.⤵️

It's possible that the price may enter 🔀 a consolidation phase between 2300-2330 again before a clear trend emerges.📊 I expect the market to move sideways 🐌 for a bit, as we've seen every time the price bounces off this key support level - it tends to❗️ consolidate for a while. However, if the resistance fails to hold, we could see the price surge ⚡️ higher towards the next resistance level at 2340.

🎯My goal is the support around 2301

#GOLD
👉UPDATE
GOLD has broken out of🔻 its upward channel and pulled back to retest it. Prior to that, the market was range-bound, before breaking through the support levels📉 and gaining a strong🐻 bearish momentum. The price has been repeatedly rejected from the resistance zone around 2330-2335, resulting in fakeouts and📍 long-tailed bars.

Given this price action, 🔎 I expect the market to retest the support level from the channel border and downward trendline, as the formation of a 〽️ double top and bearish divergence is a bearish sign. ✅

🎯My goal is to support level at 2310

#GOLD
👉UPDATE
Gold market appears to be 🗿 forming an inverse head and shoulders pattern. With the recent break and close above the trendline that previously acted as both support and resistance,📊 the market is now testing the 2330 level, which could potentially be broken. 📉

In my opinion, 🧐 the ideal scenario would be a pullback to the broken trendline level, ⤵️ followed by the completion of the inverse head and shoulders pattern. I also think there's a possibility that the price may move sideways📰 until tomorrow, given the high-impact news event scheduled for tomorrow. 🔎 I'm expecting the price to retest the resistance zone at 2350-2352 .

🎯My goal is the resistance zone around 2350.

#GOLD
👉UPDATE
Upon examining the gold chart, it's evident that the market is anticipating 🏦 Fed Chair Powell's remarks. Given the current range-bound environment,🧐 we could potentially see a fake breakout either upwards or downwards,🔃 which could ultimately drive the price in a significant direction.

📊 On the daily timeframe, we're seeing three consecutive small candles that 📍 suggest indecision in the market. I believe the market may still push higher to complete the large triangle formation.🚩 Notably, the recent bounce off the bottom of the pattern has set us up for a retest of the top.

🎯My goal is the resistance zone around 2350.

❗️Fed Chair Powell Speaks SOON

Gold prices slipped on Tuesday as the U.S. dollar held firm, while investors awaited comments from Federal Reserve Chair Jerome Powell and key jobs data for further clues about the interest rate outlook.

The dollar was supported by rising U.S. bond yields, making bullion less attractive.

In order for gold prices to break above the current range, the market needs to see further weak data points that increase the possibility of a Fed rate cut in September.

Lower rates reduce the opportunity cost of holding zero-yielding gold.

"Weaker central bank demand or a delay to the Fed normalizing interest rates are also risks to the strong investment demand thesis.

P.S. I still expect GOLD to move to support below 2310 by my Analysis
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