Gold fluctuations in the new week

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Fundamental Analysis:
Gold (XAU/USD) gained traction on Monday as the greenback weakened. The market is still digesting the dovish FOMC and a weaker US jobs report. Meanwhile, US Treasury yields and the US dollar (USD) are likely to remain under pressure, acting as a bullish driver for the yellow metal. Additionally, rising geopolitical tensions in the Middle East could continue to support traditional safe-haven assets like Gold.

Looking ahead, Gold traders will be watching the US ISM Services Purchasing Managers’ Index (PMI) on Monday for fresh catalysts. The Services PMI is estimated to improve to 51.0 in July from 48.8 in June. In case the data is stronger than expected, the USD could rise and limit the upside in the precious metal.

Technical Analysis:
Gold after NF formed a fairly wide trading range. An upward price range was formed with the price range of 2475 and 2420. The h2 time frame gives an overview of the short-term fluctuations of gold during the day. The 2411 area on Friday formed a critical zone around it with a reaction of 30 prices. so it became a strong reaction zone when gold broke out of the price channel.

Resistance: 2466 - 2475 - 2480 - 2491 - 2502
Support: 2423 - 2412 - 2405 - 2394 - 2385

SELL GOLD 2465 - 2467 Stoploss 2471
BUY GOLD 2415 - 2413 Stoploss 2408

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Gold struggles around $2,400 as concers ease
After falling below $2,370 earlier in the session, Gold recovered back above $2,400 in the American session. The persistent USD weakness and the sharp decline seen in the US Treasury bond yields help XAU/USD limit its losses for now.

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The strategy is still active. We will update the latest strategy to you.

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