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Trade Idea 21/7/2022

XAUUSD research

XAUUSD Daily Chart

Looking at a daily chart, we are still seeing gold showing extreme weakness due to rising inflation, a strong USD, and a hawkish Fed that is still poised to raise interest rates further this year.  From a technical perspective, XAUUSD is poised to test the 38.2% Fibonacci retracement of 1680.58 which could hold as strong support as gold has not broken below this level over the past 2 years plus.   With that being said, there are still many hurdles for XAUUSD as the pair did have a death cross early this month where the 50-period moving average broke below the 200-period moving average.  

Death Cross Highlight