XAUUSD moving again to break a new record high
**Monthly Chart**
XAUUSD monthly candle closed as doji due to the sideway movement of this pair between High 2387.78 and low 2286.83 levels. This has created indecision bias in the market. However, due to geopolitics reasons, this pair has strong momentum to move higher in the next few months. Therefore, we shall assess this pair near supply and demand zones for better risk-to-reward trades.
XAUUSD has reached a new record high this month at 2,483.74 on 17th July 2024. However, this monthly candle is still active and bullish. This still confirmed the long-term bias is bullish for Gold.
**Weekly Chart**
The last weekly candle closed as a big bearish high test. This happened after XAUUSD (Gold) reached a new record high. This created a large sell-off from buyers closing their positions at high prices and introduced sellers to short gold for quick profits.
**Daily Chart**
Last week XAUUSD closed near the previous equal low which was at some point the daily swing high. This has created a new demand zone for the price to push higher again after completing the sell-off. This week we will be looking for entry to move higher and create a new record high in line with fundamentals and geopolitical factors. Look for buy setups forming on lower time frames (ie. 4H and 1H).
XAUUSD monthly candle closed as doji due to the sideway movement of this pair between High 2387.78 and low 2286.83 levels. This has created indecision bias in the market. However, due to geopolitics reasons, this pair has strong momentum to move higher in the next few months. Therefore, we shall assess this pair near supply and demand zones for better risk-to-reward trades.
XAUUSD has reached a new record high this month at 2,483.74 on 17th July 2024. However, this monthly candle is still active and bullish. This still confirmed the long-term bias is bullish for Gold.
**Weekly Chart**
The last weekly candle closed as a big bearish high test. This happened after XAUUSD (Gold) reached a new record high. This created a large sell-off from buyers closing their positions at high prices and introduced sellers to short gold for quick profits.
**Daily Chart**
Last week XAUUSD closed near the previous equal low which was at some point the daily swing high. This has created a new demand zone for the price to push higher again after completing the sell-off. This week we will be looking for entry to move higher and create a new record high in line with fundamentals and geopolitical factors. Look for buy setups forming on lower time frames (ie. 4H and 1H).
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