Monday 24th July 2023: Technical Outlook and Review
The price may potentially experience a bearish reaction off the 1st resistance level at 101.09, which coincides with the 38.20% Fibonacci retracement, leading to a drop towards the 1st support at 101.03, representing the 61.80% Fibonacci retracement.
Friday 21st July 2023: Technical Outlook and Review
The chart for the DAY instrument indicates a prevailing bearish momentum, suggesting a potential continuation of the downward movement towards the 1st support level. This support level, located at 100.01, holds significance as an overlap support and aligns with the 61.80% Fibonacci retracement. Furthermore, the 2nd support level at 99.42 also acts as an overlap support.
Thursday 20th July 2023: Technical Outlook and Review
The XAU/USD (Gold) chart currently demonstrates a bullish overall momentum, suggesting the potential for a bullish breakout of the 1st resistance level and a subsequent rise towards the 2nd resistance level.
Wednesday 19th July 2023: Technical Outlook and Review
The dollar index (DXY) chart is currently exhibiting a bullish momentum, suggesting that the price could potentially make a bullish continuation towards the 1st resistance. The intermediate support level is at 99.66 and is identified as a multi-swing low support. This level may halt any short-term downtrend.
Tuesday 18th July 2023: Technical Outlook and Review
The 1st support level is at 99.42. This is an overlap support and also a 100% Fibonacci Projection level. This suggests that the market has found buying interest at this price in the past, which could potentially cause a bounce upwards.
Monday 17th July 2023: Technical Outlook and Review
The 1st support level is at 99.42. This is an overlap support and also a 100% Fibonacci Projection level. This suggests that the market has found buying interest at this price in the past, which could potentially cause a bounce upwards.
Friday 14th July 2023: Technical Outlook and Review
The XAUUSD chart currently shows a neutral momentum, indicating that the price may fluctuate between the 1st resistance and 1st support level. The 1st support level is at 1953.82. This is an overlap support level which suggests that it might have a concentration of buyers, possibly leading to a price bounce if it reaches this point.
Thursday 13th July 2023: Technical Outlook and Review
On the downside, the 1st support level is found at 1952.62, serving as a pullback support, which could provide substantial stability to the price. Further down, the 2nd support level is located at 1931.62, identified as an overlap support that could potentially cushion any downward price movements.
Wednesday 12th July 2023: Technical Outlook and Review
The intermediate support level is found at 101.39 and is characterized as a pullback support. This level also aligns with a 127.20% Fibonacci extension and a 78.60% Fibonacci projection levels, enhancing its significance as a potential stabilization point in the event of a price decline.
