(XAU | USD) Forex Trading Analysis Today | Gold Analysis July 01, 2024 | XAUUSD Analysis

Forex Trading Analysis

Hello Guys Today is Monday, July 1st, 2024 I am going to analyze spot gold versus the US dollar pair let us start are the top to bottom Eliot wave analysis inside the daily time frame the trend is up in spot gold daily time frame support is present at 2195.9 price level price action is most likely going to move sideways and then drop to print bearish wave four pullback after that I expect bullish wave five impulse leg in coming trading days decisive bearish break below 2195.9 support area is going to end uptrend in daily chart of gold versus US dollar

At 4 hour time frame price action is sprinting lower swing highs and lower swing lows to me spot gold Trend looks down in 4 Hour time frame

In 1 hour time frame, the trend is down in 1 hour chart intraday resistance is present at the 2368.66 price level price action is most likely going to rise to print a bullish wave B pullback and then drop to print a bearish WC zigzag corrective leg which offers a chance to join the downtrend in Gold decisive bullish breakout above 2368.66 resistance level is going to end downtrend in 1-hour chart of gold versus United States dollar pair

To be more specifically the red color highlighted area offers a selling opportunity which is the previous second wave of one lesser