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XAUUSD (GOLD) ANALYSIS 29 JUL 2022 FRIDAY

XAUUSD (GOLD) ANALYSIS 29 JUL 2022 FRIDAY

XAUUSD gained on Friday morning in Asia as expectations of aggressive interest rate hikes from the U.S. Federal Reserve receded. U.S. Gross Domestic Product (GDP) released on Thursday fell at a 0.9% annual rate in the second quarter. XAUUSD is forming rising channel on hourly chart. Trading range of gold for today is 1751-1766. The immediate resistance on the higher side seems to be around 1773 while on the downside immediate support is around 1757. If gold breaks and sustains above the resistance of 1773 then it will be breakout from rising channel which can push the price of gold to 1779 while if it breaks on downside it can take support around 1750. Key data for today are release of core PCE price index data in U.S.A. and Canadian GDP m/m data.