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A Quick Review of XAU/USD (Gold): What’s next? ; July 08, 2021

A Quick Review of XAU/USD (Gold): What’s next? ; July 08, 2021

Today’s U.S. session is almost empty as no major key indicators are schedule to release from the U.S. Few minutes before, U.S. released unemployment claims weekly data with negative numbers. Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

Yesterday FOMC Meeting Minutes were more hawkish than expected over U.S. economic recovery. Still the Fed has not given the any particular time frame to wind up QE program but possibilities are higher that Fed will give hint on the same soon. On the other side, the U.S. 10 – year yield declined more than 13%, hits the lowest since Feb 2021 and dollar index rises gradually for the straight second week.

Technical View:

XAU/USD (Gold):

  • Gold remains highly volatile during U.S. session and currently trading around $1,810 mark.
  • The pair made intraday high at $1,818 and low at $1,796 mark.
  • A day chart is bearish trend while H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,817 on H1 chart requires for the upside rally.
  • Alternatively, consistent close below $1,804 will check key supports.
SUPPORTS RESISTANCES
$1,789 $1,819
$1,784 $1,824
$1,778 $1,830
$1,772 $1,834
$1,767 $1,840

Take a look and do trade wisely!
Good Luck

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