XAUUSD Bullish momentum started again
Mis à jour
**Monthly Chart**
XAUUSD monthly candle closed as doji due to the sideway movement of this pair between the High 2387.78 and low 2286.83 levels. This has created indecision bias in the market. 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.
Last week, we saw a big selloff in XAUUSD for profit-taking after it reached a new record high. While the long-term outlook for the XAUUSD (Gold) is still bullish.
**Weekly Chart**
Last week's candle closed bearish after testing the midlevel of the previous week's key reversal. It has also tested the IPA of the 1st July 2024 week at 2,353.195 before moving higher. This has confirmed that the sell-off was completed and the buyers are entering the market as it pushed XAUUSD higher.
**Daily Chart**
Last week's move was a continuation of the previous weekly sell-off move and only tested the relative daily low at around the 2,353.19 level before it turned around and started a bullish move. For this week I expect to continue to be bullish and we will probably see a new high formed above 2,500 level in the coming weeks.
XAUUSD monthly candle closed as doji due to the sideway movement of this pair between the High 2387.78 and low 2286.83 levels. This has created indecision bias in the market. 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.
Last week, we saw a big selloff in XAUUSD for profit-taking after it reached a new record high. While the long-term outlook for the XAUUSD (Gold) is still bullish.
**Weekly Chart**
Last week's candle closed bearish after testing the midlevel of the previous week's key reversal. It has also tested the IPA of the 1st July 2024 week at 2,353.195 before moving higher. This has confirmed that the sell-off was completed and the buyers are entering the market as it pushed XAUUSD higher.
**Daily Chart**
Last week's move was a continuation of the previous weekly sell-off move and only tested the relative daily low at around the 2,353.19 level before it turned around and started a bullish move. For this week I expect to continue to be bullish and we will probably see a new high formed above 2,500 level in the coming weeks.
Trade fermée: cible de profit atteinte
XAUUSD moved exactly based on what we have predicted here in this trade idea and created a new records high.
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