📊Market Analysis today (24 July 2024)
📁 Product: XAU/USD
📌 Prediction: Increase
📈Fundamental Analysis:
This week, the U.S. has a busy economic schedule with key data releases. Expectations of interest rate cuts have boosted the dollar and lowered U.S. Treasury yields. Gold prices have risen, reaching above $2,400, ending a four-day decline. Spot gold prices strongly rebounded, briefly surpassing $2,410, due to India's cut in gold and silver import taxes. The Indian government announced plans to reduce the import tax from 15% to 6%, which could boost global gold demand. Experts say this move may increase retail demand and help curb smuggling in India.
📉Technical Analysis:
Gold prices have stopped falling, suggesting they may rise soon. The RSI is bullish, showing that buyers are gaining momentum, which could push gold prices higher. For gold to continue rising, it needs to break above $2,412. If it does, the next resistance level is $2,450, and then it may challenge the all-time high of $2,483. However, if gold falls below the July 22 low of $2,384, a deeper correction is possible. The next support level would be the 50-day Simple Moving Average (SMA) at $2,359
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