Gold (XAUUSD) Reseach

Weekly target 2356 - 2349 done with low 2353 by limiting the upside to mid-week target 2431 exactly. weekly and mid-week forecast based analysis that made our plan blue and profitable for the followers. Previous week analysis and targets links are given below for your kind reference. https://forexwithfs.blogspot.com/2024/07/gold-weekly-outlook-july-22-july-26.html https://forexwithfs.blogspot.com/2024/07/gold-fresh-analysis-july-24-2024.html For now, as gold achieved weekly target 2356- 2349 and respected the level as support that can force gold to correct towards 2399 - 2409 that is my goal and target now. To become bullish and escaping bearish channel developing, gold price needs to sustain above 2410 to expand the upside towards 2439/2451 again else the upside would likely to be limited and fall towards 2351 - 2346 would become possible again. Failing to hold 2346 can open 2331 - 2325 initially followed by 2302/2298.

Gold traded between 2412 & 2388 last in expected manners that has given a support at 2388/2389 that was expected thresh hold for bulls/bears on intraday terms that is why we have given buy at 2389 for 2397 & 2416 that is achieved by the grace of Allah. Now Gold is trading above 2412 support recovery towards 2427 - 2431 initially followed by 2435 - 2444. On the downside intraday support is formed at 2412 - 2404 followed by 2393 where bottom risk of the day is expected. 2435 - 2444 that can be achieved in 48 hours expectedly that has chance of being hit is 60% that is my goal/target now. Above chart is my low-risk trading plan for 50/100 pips profit with 50/75 pips SL and all levels are still awaited. I like to take good risk on fresh levels because that has good chances to make fast/easy profit.

Gold closed the week at 2398.52 by losing 13.06 USD or 130 pips by achieving new all-time high and our mid-term target 2480 in fast-paced little earlier than expected too. Not only this a rejection on upside around suggested levels 2480/2482 is also witnessed that made a long-tailed rejection sign on weekly charts. Gold 4H Chart Now gold has posted a rejection signal on mid-term target 2480 - 2495 that can be seen as tough resistance for coming week and a fall towards 2356/2349 can be expected that is my weekly target now. If we review daily charts that price tested daily suggested support 2393/2386 with low 2393.xx on Friday where some pause in selling witnessed that can be seen as short covering base pause for now. Failing to hold 2393/2386 can open 2370 initially followed by 2356/2349. On the upside 2339.50 to 2457 range/levels can act as resistance on DTF. In case of any upside movement to that range initially likely to give safe exit & profit taking view for ST traders/investo...