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GOLD → Profit taking led to the rally. But it's not all bad...

2024-07-25 10:12 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Profit taking led to the rally. But it's not all bad...

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GOLD after the retest of 2430 fell under the selloff, there is no pressure on the price of metal, but the reason may be profit taking amid the selloff in stocks and in anticipation of economic data from the US

FX:XAUUSD Idea Chart Image by RLinda

Traders are waiting for US GDP and Initial Jobless CLaims, which will be released at 12:30 GMT. The data may have a medium-term impact on the market, but the whole focus is on PCE, which will be released on Friday. Investors expect the Fed to deliver its long-awaited rate cut in September. In a low interest rate environment, gold's appeal increases.

If the data on Friday shows that inflation is slowing down, it will be a good sign for gold.

Technically, a correction is forming, with emphasis on 2370, or 2350. Strong support areas that can keep the market from falling.

Resistance levels: 2377, 2392

Support levels: 2370, 2355, 2350

The price stops in the zone of 2370-2377 in general it can give some prerequisites for a rebound. If gold can consolidate above 2377, the price may move into the recovery phase, if not, traders may test the liquidity in 2355-2350 before further growth.

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