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Daily Analysis For GOLD (XAUUSD)   25-07-2022

Daily Analysis For GOLD (XAUUSD) 25-07-2022

Description
Economic Events :-
  • GMT *** Event
  • 13:30 *** (United States) Chicago Fed National Activity Index
  • 15:30 *** (United States) Dallas Fed Manufacturing Index
  • 16:30 *** (United States) 3-Month Bill Auction
  • 16:30 *** (United States) 6-Month Bill Auction
  • 18:00 *** (United States) 2-Year Note Auction
Today's Scenario :- As investors maintain a cautious stance ahead of this week's Fed rate rise decision and the US Q2 GDP report, the price of gold has been bouncing between losses and gains so far on Monday.
Buy Scenario :- The 20-Simple Moving Average (SMA), which is currently around $1,750 on the daily chart, indicates that gold price has started an upward consolidation period. Bulls may go for the horizontal target lined at $1,745 and $1,752 as the brilliant metal is strengthening for a prolonged advance over the latter. Until then, we do not advise buying gold.
Selling Scenario :- However, a dip towards the $1,700 level cannot be counted out if bears manage to break through solid support around $1,713, which is where the 20 and 200 EMAs intersect. The multi-month lows of 1,681 will once again be on the minds of XAU sellers. till we don't advise selling gold.
Support and Resistance Level :-
  • S1 1918 *** R1 1959
  • S2 1891 *** R2 2001
  • S3 1828 *** R3 2050
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