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Gold price jumps ahead of Fed Powell’s testimony

☘️Fundamental analysis
Gold prices (XAU/USD) rose in the European morning session on Tuesday on the back of a weaker US Dollar. Traders expect the Fed to cut interest rates in September after last week's weak US jobs data capped gold's decline. In addition, political instability in France and geopolitical tensions in the Middle East also boosted gold prices as a safe-haven asset.

However, gold prices may be pressured as the People's Bank of China (PBoC) did not buy gold for the second consecutive month in June. Traders will monitor Fed Chairman Jerome Powell's testimony before the National Assembly. conference, along with speeches from the Fed's Michael Barr and Michelle Bowman. US Consumer Price Index (CPI) inflation data on Thursday will also be in focus.

☘️Technical analysis
Gold prices traded in a positive direction during the day. According to the h2 chart, the precious metal maintains an uptrend near the 34 EMA, with the Relative Strength Index (RSI) holding in the bullish zone above the 50 midline. This suggests support is there. the ability to hold up rather than break down.

The psychological level of $2,400 serves as immediate resistance for XAU/USD. Before that, you need to break the old peak around 2392.
In case of a downside, the first downside target will appear at $2,340 (former resistance).

Support: 2350-2340
Resistance: 2378-2392

SELL GOLD zone 2392 -2395 SL 2397
BUY GOLD zone 2340-2338 SL 2335

註釋

Pay attention to the support area 2350

註釋