"๐ *XAU/USD Gold Market Update for August 2, 2024*
๐ *Technical Analysis:*
- *Trend:* Gold is trending above all its moving averages, with the 20-day SMA moving above the 100-day SMA at around $2,410.80.
- *Support Levels:* $2,438.75, $2,422.90, $2,410.80
- *Resistance Levels:* $2,462.30, $2,477.20, $2,490.00
- *Indicators:* Indicators show limited direction but stay positive, favoring bulls.
๐ *Fundamental Analysis:*
- *Middle East Tensions:* Rising tensions are boosting gold prices as a safe haven.
- *US Inflation Data:* Little change in June inflation led to a muted response in gold prices.
- *Fed's Monetary Policy:* The Fed kept rates at 5.25%-5.50%, weakening the US Dollar and supporting gold.
- *Global Economy:* Economic downturns may limit gold's gains.
๐ *Additional Insights:*
- *Gold Price:* Gold is trading around $2,450 in the US session.
- *US Treasury Yield:* The 10-year Treasury yield dropped over 1% to below 4% after weak US data.
- *Risk Aversion:* Risk aversion is helping gold keep its intraday gains.
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. For queries, DM me on wa +919500930700
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