COMEX Gold surged to a record high of $2,538.7 per ounce driven by strong demand for safe-haven assets amid geopolitical tensions and economic concerns. Market fears were heightened by the potential for retaliatory strikes from Iran following Israel’s attack on Hamas officials in Iranian territory. Additionally, the escalating conflict between Ukraine and Russia added to global uncertainty. On the economic front, the U.S. housing market showed signs of stress, with both housing starts and building permits hitting four-year lows. Despite strong retail sales, markets are still widely expecting the Federal Reserve to implement 100 basis points in rate cuts over the remaining decisions this year.
MCX GOLD Gann Angle Chart
Gold has heading towards its 3×4 Gann Angle resistance @71500
MCX GOLD Supply Demand Zone
MCX GOLD Supply Demand Chart : Demand in range of 69400-69450, Supply in range of 71000-711000
MCX GOLD Harmonic Analysis
Till 67400 is held price is heading towards 72000.
GOLD Astro/Gann Trend Change Date
19 August Important Gann/Astro Date for Trend Change
Weekly Trend Change Level:70121
Weekly Resistance:70551,71083,71617,72154,72692
Weekly Support: 69492,68966,68442,67920,67400
Levels Mentioned are for Current Month Future
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As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.
Trade smartly and safely.