Gold Analysis: Bullish to $2335-$2340, Expected Drop to $2320

3 lug 2024

Gold Movement Analysis
Date of Analysis: 03rd July 2024

Key Levels:
Strong Support: $2316
Strong Resistance: $2365
Current Situation:
Gold has rejected the support level at $2316 and is bullish towards $2335-$2340. However, a bearish trend is expected, potentially bringing the price down to $2320.

Important Note:
Economic data releases are expected today, which could impact the gold market.

Economic Data (Moscow Time Zone):
ADP Nonfarm Employment Change (Jun)

Currency: USD 🇺🇸
Time: 15:15
Effect: ⭐
Previously: 152K
Forecast: 159K
Initial Jobless Claims

Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 233K
Forecast: 235K
S&P Global Services PMI (Jun)

Currency: USD 🇺🇸
Time: 15:30
Effect: ⭐
Previously: 54.8
Forecast: 55.1
ISM Non-Manufacturing PMI (Jun)

Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 53.8
Forecast: 52.7
ISM Non-Manufacturing Prices (Jun)

Currency: USD 🇺🇸
Time: 17:00
Effect: ⭐
Previously: 58.1
Forecast: N/A
FOMC Meeting Minutes

Currency: USD 🇺🇸
Time: 21:00
Effect: ⭐

Conclusion:
Gold has shown a bullish movement towards $2335-$2340 after rejecting the support at $2316. However, a bearish trend is expected, potentially bringing the price down to $2320. The economic data releases today, particularly those related to the USD, could significantly impact gold prices. Monitoring these releases is crucial for further analysis and potential adjustments to the forecast.