XAU/USD | Gold & Oil Rise Together As Geopolitical Risk Escalate

Jul 22

By analyzing the #Gold chart on the 2H timeframe, we can see that today’s price action was highly unusual. With Oil rallying toward $95, tensions around the Strait of Hormuz continuing to increase, and the conflict involving Iran escalating, Gold also delivered an exceptional bullish move toward $4163.

For the first time in several months, Gold is showing a noticeably strong positive correlation with Oil, as both markets react aggressively to the latest geopolitical developments.

Given the current volatility, I do not want to discuss a fixed directional scenario in this update. For now, the focus should remain only on the key supply and demand levels and the reactions that develop around them.

The important supply zones are located around $4172 – $4182, followed by $4188 – $4202, and then $4215 – $4222.

On the downside, the important demand levels and potential buying areas to monitor are around $4062, followed by $4038 and $4020.

These areas can be monitored for both buying and selling setups, but only after a clear price reaction and with proper risk management.

Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !

Best Regards , Arman Shaban

Jul 23

Trade closed manually

Gold reached $4166, then sellers stepped in and pushed price sharply down to $4040. It is now trading around $4049, and with Oil still rallying strongly, I expect another move below $4000. Stay tuned, a fresh and detailed Gold analysis is coming later today within an hour.