XAU/USD | Gold Pullback Played Out, Now All Eyes On NFP!

Jul 2

By analyzing the #Gold chart on the 2H timeframe, we can see that after the previous update, Gold continued the expected correction. After reaching the $4115 region, price pulled back sharply and dropped more than 400 pips toward $4027.

Following this correction, buyers stepped in again and Gold is currently trading around the $4062 region. Now the market is waiting for the NFP data, which will be released in less than 15 minutes.

If the actual NFP number comes in stronger than forecast, Gold could face another bearish move. But if the data comes in weaker than expected, we may see Gold push higher again toward levels above $4120.

The nearest demand zones are around $4025 – $4045, followed by $3990 – $4000. On the upside, the nearest supply zones are around $4080 – $4115, followed by $4120 – $4145.

For now, it is better to be patient and wait for the NFP reaction before making any major decision.

A new update will be shared after the NFP release.

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 2

Note

Well, the NFP data just came out much weaker than expected.

Actual: around 57K
Forecast: 114K

Because of that, Gold reacted with a massive jump from around $4,065 all the way to $4,123.
And as expected, Gold hit our $4,120 target perfectly.
Beautiful reaction, exactly according to the plan.

Now we need to see if buyers can hold this momentum or if the market starts taking profit after this sharp move.

Jul 3

Trade active

By analyzing the #Gold chart on the 2H timeframe, we can see that after the previous update, Gold followed the bullish scenario and first pushed toward the $4120 region. After that, the move continued even stronger as the U.S. Dollar Index weakened, helping Gold extend its rally all the way toward $4195. Currently, Gold is trading around the $4165 region. Since U.S. banks are closed today, I do not expect extremely aggressive movement, but in my view, before any further bullish continuation, Gold may first enter a short-term corrective phase.

The nearest demand zones are located around $4130 - $4150, followed by a deeper support area between $4080 - $4110. On the upside, the closest supply zone is around $4180 - $4200, followed by stronger resistance between $4235 - $4265. If buyers defend the demand zones and momentum returns, the next medium-term upside targets to monitor are $4200, followed by $4235, then $4265, $4300, and potentially $4340 if bullish pressure continues. For now, the short-term view is simple: first a possible correction, then another bullish attempt if buyers continue defending the key demand areas.