XAUUSD Heading Towards $2440?
Current Situation
The gold price (XAU/USD) registered a decline during the Asian session on Monday, following the news that the People’s Bank of China (PBoC) suspended gold purchases for the second consecutive month. This decision negatively impacted the gold price as China is the world's largest consumer of this precious metal.
Recent Data
Current Price: Gold has experienced a decline, stabilizing below the $2,400 threshold.
Key Factors
PBoC Purchases: The PBoC maintained its gold stock at 72.80 million troy ounces in June, contributing to the decrease in gold demand.
US Interest Rates: The possibility of an interest rate cut by the Federal Reserve in the third quarter could support the gold price.
Political Situation in France: Political uncertainty in France might increase the demand for safe-haven assets like gold.
US Treasury Yields: A slight recovery in US Treasury yields makes gold less attractive as an alternative asset.
Technical Forecast
Resistances:
$2,400 (psychological level)
$2,450 (all-time high)
Supports:
$2,330-$2,340
Outlook
In the short term, if buyers regain strength, the gold price could retest the six-week high of $2,393, with a potential break above the $2,400 threshold opening the path towards the all-time high of $2,450. However, a further decline could lead the price to challenge Friday’s low of $2,352, with a possible drop to the support zone at $2,340.
The gold price (XAU/USD) registered a decline during the Asian session on Monday, following the news that the People’s Bank of China (PBoC) suspended gold purchases for the second consecutive month. This decision negatively impacted the gold price as China is the world's largest consumer of this precious metal.
Recent Data
Current Price: Gold has experienced a decline, stabilizing below the $2,400 threshold.
Key Factors
PBoC Purchases: The PBoC maintained its gold stock at 72.80 million troy ounces in June, contributing to the decrease in gold demand.
US Interest Rates: The possibility of an interest rate cut by the Federal Reserve in the third quarter could support the gold price.
Political Situation in France: Political uncertainty in France might increase the demand for safe-haven assets like gold.
US Treasury Yields: A slight recovery in US Treasury yields makes gold less attractive as an alternative asset.
Technical Forecast
Resistances:
$2,400 (psychological level)
$2,450 (all-time high)
Supports:
$2,330-$2,340
Outlook
In the short term, if buyers regain strength, the gold price could retest the six-week high of $2,393, with a potential break above the $2,400 threshold opening the path towards the all-time high of $2,450. However, a further decline could lead the price to challenge Friday’s low of $2,352, with a possible drop to the support zone at $2,340.
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