Gold Hits All-Time High, Influenced by U.S. Rate Cut Expectations and Trump’s Movements【July 17, 2024】

Fundamental Analysis

• Gold Hits All-Time High, Surpassing 2450USD to Reach 2467USD
• Is the Gold Purchase Driven by U.S. Rate Cut Expectations and the Anticipation of Trump’s Administration?
• U.S. Small Caps Rise, Broadly Bought on Rate Cut Expectations

XAUUSD technical analysis

Analyzing the Daily Chart of Gold. Gold Surpasses the High of 2450USD to Around 2468USD. This Marks a New All-Time High Since May 20. The Head and Shoulders Pattern Breaks Down, Gaining Upward Momentum. The Target Is the Milestone Price of 2500USD.

Drawing the Fibonacci Expansion, 161.8% Corresponds to Around 2495USD. There Is a Resistance Line Calculated on a Monthly Basis at 2480USD. Therefore, Additional Factors Are Needed to Surpass 2500USD.

Day trading strategy (1 hour)

Looking at the 1-Hour Chart of Gold, It Repeatedly Rebounds at the 52 Moving Average Line, Approaching 2470USD. It Is Expected to Rise to Around 2480USD. However, Entering a Buy Position in the 2460USD Range Is a Bit Scary.

Wait for a Pullback to 2450USD Before Buying. Entry at the Pullback of 2450USD, Exit at 2480USD, and Set a Stop If It Falls Below 2440USD.

Support/Resistance lines

The Following Support and Resistance Lines Should Be Considered Going Forward:

2450USD – Recent Support Line

2480USD – Resistance Line on a Monthly Basis

Market Sentiment

XAUUSD – Sell: 66% Buy: 34%

Featured Currency Pair of the Week (EURJPY)

EURJPY Is Gradually Recovering. It Seems That the Intervention Has Also Settled Down. Due to the Intervention, It Fell from 175JPY to 171JPY, and It May Aim for the High of 175JPY Again. The Strategy Is to Buy on Dips. The EU Consumer Price Index Is Scheduled for Today, so Pay Attention.

Today’s important economic indicators

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.