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GOLD - Ahead is 2430 and strong news. Going up to 2500?

2024-07-31 10:45 GOLD Forecast

👑 Ideas For #XAUUSD / #GOLD

📈 Ahead is 2430 and strong news. Going up to 2500?

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GOLD overcomes trend resistance, forming a bullrun to the liquidity zone amid positive rumors. The price is testing 2430. Possible correction before the news

GOLD → Bulls hold the defense. Retest of resistance...

Today is a busy news day, high volatility is possible. Ahead of ADP Nonfarm, Chicago PMI and the most important last: Fed Interest Rate Decision and FOMC conference.

Nobody is going to cut the rate today, but Powell may give a signal about interest rate reduction in the coming months on the background of slowing labor market growth. Traders evaluated the possible potential positively enough and rushed through 2390 to 2430.

Technically, a retest of resistance is formed after quite a long time, liquidity may not let the price up the first time, respectively, a correction is possible before further growth.

Resistance levels: 2429, 2452, 2474.

Support levels: 2404, 2400

The fundamental and technical background is favorable, if something unpredictable does not happen today, gold may continue its recovery phase. But, pay attention to the news, as they will be published in a cascade and the temporary mood of the market may be volatile....

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