GOLD - Waiting for the trend to break and continue to go up
Aktualisiert
Last night, the price of gold experienced unpredictable fluctuations due to China's economic growth in the second quarter of 2023, which was lower than the expected market growth of 6.9%. As a result, the precious metals market experienced some downward pressure.
Currently, gold prices remain above $1,950 an ounce, but analysts suggest that various factors need to be in place for the gold market to experience a significant breakthrough.
The gold market is highly sensitive to the Fed rate outlook, and it is too early to predict a rally in gold prices despite a recent increase of over $30.
Currently, gold prices remain above $1,950 an ounce, but analysts suggest that various factors need to be in place for the gold market to experience a significant breakthrough.
The gold market is highly sensitive to the Fed rate outlook, and it is too early to predict a rally in gold prices despite a recent increase of over $30.
Anmerkung
Market participants increase bets of a soon-to-come Federal Reserve’s pause.Anmerkung
XAU/USD hovers around its daily opening, with the downside limited by broad USD weakness.Anmerkung
Gold prices temporarily eased on Monday, with XAU/USD currently trading at around $1,954Anmerkung
Financial market’s frenzy cooled down as investors gear up for first-tier events scheduled for the next weekAnmerkung
including central banks and yet another update on the United States inflation progress.Anmerkung
The US Dollar recovered some of the ground lost after collapsing last week, although its gains are irrelevantAnmerkung
The United States (US) Consumer Price Index (CPI) came below expected in June, posting a modest 0.2% monthly increase.Anmerkung
Momentum indicator heads marginally lower within negative levels, while the Relative Strength Index (RSI) indicator hovers within neutral levels.Anmerkung
Support levels: 1,950.70 1,940.95 1,928.60Anmerkung
Resistance levels: 1,967.90 1,983.40 1,996.55
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