Gold Price Analysis July 10
Gold Price Analysis July 10
Gold OANDA:XAUUSD
TVS-Trader
Fundamental Analysis
Gold (XAU/USD) traded negative for the fourth consecutive day on Monday, despite no follow-through selling, remaining confined within a familiar range that has held for the past week or so amid mixed fundamental signals. Friday’s upbeat US jobs report dashed market expectations for more aggressive easing by the Federal Reserve, helping the US Dollar (USD) rise to near seven-week highs and weighing on the non-yielding yellow metal.
In addition, the underlying bullish tone across global equity markets further undermined safe-haven Gold. However, any meaningful corrective pullback remains elusive amid persistent geopolitical risks stemming from ongoing conflicts in the Middle East, which tend to favor the precious metal. Traders may also want to wait for the FOMC meeting minutes to be released this Wednesday and the US consumer inflation data on Thursday.
Technical analysis
Gold has bounced strongly from the session support zone of 2640. At the moment, the trading range of gold is relatively wide and the NF has not been able to help gold form a new specific trend. In the h4 or h2 time frame, the trading range is clearly seen at 2635 and 2670. When this range is broken, the price will form a new trend. Besides, we pay attention to the areas that are prone to fake 2625 and 2685.
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