Gold Ends Month on a High Note with Key Breakouts

1 août 2024

Gold finished the month on a very optimistic note, reversing 1000 pips from the recent low. More importantly, the month-end brought three significant breaks for bulls:

1. A break above the 2390 confluence resistance.
2. A break above the 2400 psychological level.
3. A break above last week’s high of 2430.

With this positive momentum, further gains and a test of the 2500 level are expected soon.

Technical Outlook and Strategy:

From a technical standpoint, the recently broken resistance levels should now act as support.
In this zone, I will look for buying opportunities.
The initial target could be the last all-time high (ATH), but if the price continues rising toward that zone, I believe it will break above it.
Consequently, bulls are likely to push the price above 2500 to test new highs.

Overall, the current market sentiment and technicals suggest a strong bullish trend for Gold, making it an attractive prospect for traders looking for buying opportunities.

1 août 2024

Note

XauUsd is maintaining is optimistic move and reversed almost all losses from the day, exactly from technical support.
Seems to be another good day to be bullish