Gold prices gained on Monday as investors weighed poor US economic data against renewed energy-market uncertainties, with the Federal Reserve's July meeting minutes anticipated later this week providing further hints on the course of interest rates. Gold opened the new week about 1% higher than the previous week, with the latest US data helping to alleviate concerns about an impending rate hike.
Oil prices fell slightly in Asian trade on Monday after posting substantial increases the previous week, with ongoing uncertainty over US-Iran ties and the Strait of Hormuz restraining total oil falls. Shipping through the Strait of Hormuz slowed significantly as a result of Iranian strikes on tankers in the region, while the United States continued its naval embargo of Tehran.
Gold is starting the new week with a constructive bullish structure. Price is currently trading around 4,395 after holding above the Buy Zone Liquidity area near 4,380. The market has already recovered from the short-term pullback, and buyers are now trying to build another push toward the resistance zone above. The chart is not weak, but gold is also not fully free yet. The next big test is around 4,453.
ETH looks like a triangle is about to break out which could be Wave 4 or Wave B, I would expect a move to $2100 - $2400 if it breaks to the upside.
Gold is trading around $4,394 after recovering strongly from the recent head formation near $4,310. Price is now testing the $4,395–$4,400 neckline area, while the right shoulder remains supported above the marked demand zone.
Holding firm above local breakout support at 63,577.69! Are you panic-selling this move, or locked in for the multi-wave rally to horizontal resistance? 🤔