XAUUSD analysis for the week 1/07/2024 to 05/07/2024

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After touching just above the $2,290 support level on Wednesday, gold prices surged higher intraday. This level has proven to be a formidable support barrier since April, consistently reinforcing itself as the lower boundary of a sideways trading range.

This range has encompassed the majority of price action since April, indicating a neutral mid-term outlook. In the short term, gold is likely to continue oscillating within this established range.

Momentum indicators provide promising signals:

RSI (Relative Strength Index): The RSI has broken above the neutral 50 level, suggesting an increase in buying pressure.
MACD (Moving Average Convergence Divergence): The MACD has made a bullish crossover, indicating a potential shift in momentum towards the upside.

Analysis Summary:

Trend: The recent intraday movement above the $2,290 support level points to a clear upward trend.
Momentum: Bullish signals from the RSI and MACD suggest a positive shift in momentum.

Strategic Recommendation:
Primary Strategy: Buying the dips is recommended, as the strong support level and bullish momentum indicators signal further price increases.
Target Levels:
First resistance target: $2,337
Subsequent resistance target: $2,348 2362 2377-85
Conclusion:
With a clear upward trend, a robust support level at $2,290, and bullish momentum indicators, gold prices are poised to rise. Investors should consider buying on dips, targeting the resistance levels at $2,337 , 2347, 2362, 2377 and 2385.

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Nota

reached first sub resistance point 2332

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hit targets
2337 ✅✅✅
2347✅✅✅
2362✅✅✅

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Trade chiuso: obiettivo raggiunto

WE PREDICTED IT HAPPENED,
we predicted 2385 in the beginning of this week and it just happened

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Nota

LAST WEEK ALL OUR ANALYSIS BECAME PERFECT BULLISH TARGET REACHED 600 PIPS PROFIT✅✅✅✅✅✅✅😎😎😎😎😎