Золото / Доллар СШАДлинная
NF- XAUUSD - Market Expectations of a New ATH in 2024
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Hello dear traders!
In general, after yesterday's consolidation above the $2430 level, the price has rebounded, amid a stronger US dollar. Gold rebounded after data showed very narrow manufacturing activity, while US employment data highlighted a weak labor market ...
Accordingly, initial jobless claims increased by 14,000 seasonally adjusted to 249,000 in the week ending July 27. The number of jobless claims rose to the highest level since August 2023.
Therefore, the gold market has not been operating at full capacity as central bank buying and physical demand in Asia remain weak, it is expected that the gold market will continue to be interesting in the coming period and head towards a new ATH this year.
The focus is on new ATH today after the NF news was released. I expect the market to continue searching for new ATH this year.
Short-term levels to watch:
Resistance: 2470 - 2484
Support: 2443 - 2430
In the short-term, I expect the price to continue to correct from 2470 to consolidate before growing further. Gold is currently bullish (trend, sentiment and interest), so the nearest strong support level according to the Fibonacci tool 1.618 (2443) USD price could become a reversal zone for further strengthening. Potential target is 2483 - 2500 USD.
In general, after yesterday's consolidation above the $2430 level, the price has rebounded, amid a stronger US dollar. Gold rebounded after data showed very narrow manufacturing activity, while US employment data highlighted a weak labor market ...
Accordingly, initial jobless claims increased by 14,000 seasonally adjusted to 249,000 in the week ending July 27. The number of jobless claims rose to the highest level since August 2023.
Therefore, the gold market has not been operating at full capacity as central bank buying and physical demand in Asia remain weak, it is expected that the gold market will continue to be interesting in the coming period and head towards a new ATH this year.
The focus is on new ATH today after the NF news was released. I expect the market to continue searching for new ATH this year.
Short-term levels to watch:
Resistance: 2470 - 2484
Support: 2443 - 2430
In the short-term, I expect the price to continue to correct from 2470 to consolidate before growing further. Gold is currently bullish (trend, sentiment and interest), so the nearest strong support level according to the Fibonacci tool 1.618 (2443) USD price could become a reversal zone for further strengthening. Potential target is 2483 - 2500 USD.
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