GOLD → A change in mood amidst the comments and news

3 lug

GOLD is testing the previously broken channel boundary. The market maker is driving the price into the liquidity area before the strong news. Powell corrected the direction a bit within yesterday's speech



The chance of a September interest rate cut rises after Fed Chair Powell acknowledged progress on disinflation. Jeremy reverses course slightly to dovish. Markets are awaiting the release of the minutes of the latest FOMC meeting (due later today) to get more information on the Fed's next steps. The regulator needs more data before it can start cutting rates.
Data from the US labor sector is also in focus:
All eyes now turn to ADP's US employment change report after JOLTS showed a rise in job openings on Tuesday.
The next important event for the gold price remains the minutes of the June 11-12 Federal Reserve meeting, which could shed light on the central bank's outlook on rates and inflation, having a significant impact on the value of the U.S. dollar and the gold price.

Resistance levels: 2346, 2352, 2363, 2380
Support levels: 2341, 2328, 2319

Technically, we have buyers appearing on the local change of fundamental background. The bulls are winning within the consolidation. There is a possibility of strengthening, but we should pay attention to the news....

Regards R. Linda!

3 lug

Trade attivo

The market maker is driving the price deep enough.
The risk zone is the area of 0.7-0.79 fibo and also the trend line.

As one of the variants of events development:
A trap from the market maker before the news. If the price does not pass through the resistance area, accordingly, the market will go into the liquidation phase.
In this case, a false breakdown of 2341 and price consolidation below this zone may lead us to 2328 (area of interest due to the volume profile).

3 lug

Trade attivo

ADP Nonfarm Employment (June) = 150k (expected 163k)

Initial Jobless Claims = 238k (expected 234k)

Trade Balance (May) = -$75.1 billion (expected -$76.3)

3 lug

Trade attivo

3 lug

Trade chiuso: obiettivo raggiunto

Target 1 reached!

3 lug

Nota

(The chart shows the most likely scenario from a technical and fundamental point of view)

Gold, after the market character change, forms an impulse and reaches the zone of interest. A false breakdown and liquidity capture is formed.
At the moment, after the false breakdown, there is a high probability of forming a counter-trend correction to gather energy.
It is possible to retest the support or 0.5 fibo before the subsequent growth.

Tomorrow is a holiday in the US market and volatility may be low, but further the market will wait for NFP

3 lug

Trade attivo

As part of the correction, after a false breakdown, the price is testing the key support area

4 lug

Trade attivo

Consolidation near 2363. Traders want to continue growth beyond resistance