GOLD ( 07/12) The rebound follows a return above the 2400 level

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Fundamental analysis

Gold price increased to 2,424-2,425, the highest level in two months. In response to another dovish US inflation report, the report boosted expectations that the Federal Reserve (Fed) will cut interest rates in September.
Gold prices, for now, look to have broken a three-day winning streak, although any meaningful downside correction still looks elusive following growing expectations that the Fed will begin a tapering cycle. interest rate earlier than expected. Additionally, geopolitical risks, political instability in the United States and Europe, along with fears of a global economic slowdown, will continue to act as drivers for XAU/USD.
Traders are now looking forward to the release of the US Producer Price Index (PPI) and the Consumer Sentiment survey.

Technical analysis

The continuous overnight breakthrough past the $2,400 mark is considered a new motivation for gold to return to a strong uptrend. RSI is also showing signs of exiting the oversold zone in the h1 and h4 frames, this also shows that the price increase is being corrected. This is absolutely a necessary recovery for a sustainable uptrend.
Gold's recovery extended to a break out of 2393 and a deeper half of 2368 which is the strongest support zone to maintain the uptrend. The overnight high, around $2,425 now appears to be acting as an immediate barrier, above which Gold prices are likely to return to challenge the all-time high, around $2,450.

Support: 2400- 2392-2380-2368
Resistance: 2425-2433-2449

SELL price range 2438 - 2440 stoploss 2446

BUY price range 2395 - 2393 stoploss 2389

BUY price range 2382 - 2380 stoploss 2376

交易進行

Gold backs and fills the spike of the previous day
Gold is pulling back after the stellar gains made on Thursday following the surprise fall in the US inflation rate in June. Cooling inflation implies a greater chance that interest rates will fall, making non-interest-bearing Gold more attractive.

交易結束：目標達成

BUY zone 2395-2393 + 200 pips hit FULL TP

交易結束：目標達成

Gold remains on track to end week above $2,400
Following a short-lasting downward correction in the early American session, Gold regains its traction and looks to end the week above $2,400. The persistent selling pressure surrounding the US Dollar heading into the weekend helps XAU/USD hold its ground.

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