GOLD recovers after correcting from record level, trend stabiliz

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XAUUSD revised down from record highs but growing optimism about the Federal Reserve's interest rate cut in September and a weaker US Dollar still stimulated gold demand.
On the economic front, the Federal Reserve's Beige Book survey showed the U.S. economy growing at a modest pace entering the third quarter.
The latest edition of the “Beige Book” was compiled by the Federal Reserve Bank of Richmond based on information collected on or before July 8. Wage growth was moderate or modest in most jurisdictions, but the rate of price growth is generally moderate. There was little change in consumer spending and almost every jurisdiction cited retailers cutting prices or consumers buying only essentials.

Although gold prices have eased from record highs but remain at record highs, expectations of a Fed rate cut getting closer and yields continuing to gradually decline, coupled with a weaker US Dollar, remain. will continue to be the main support factor for gold prices.

Many Fed policymakers said they were increasingly confident that price increases were on track and returning to the Fed's target level after stronger-than-expected price data earlier this year.
Federal Reserve Governor Christopher Waller said the time for the Fed to cut interest rates is "near," but uncertainty about the direction of the economy makes it unclear when short-term borrowing costs might fall .
According to the Chicago Mercantile Exchange's FedWatch tool, the market is currently pricing in a 98.1% chance that the US will cut interest rates in September.
Lower interest rates reduce the opportunity cost of holding unprofitable gold and put pressure on the dollar, making gold cheaper for investors holding other currencies.

Analysis of technical prospects for XAUUSD
After gold had a downward correction yesterday to retest the support area that readers noticed in the previous issue around the 2,449 USD area, the gold price has recovered and continues to stabilize with the trend. increase.

In the short term, the technical structure does not show any notable resistance, while the Relative Strength Index is also approaching the overbought area, showing that the room for price increases is no longer too large. The fact that the room for price increases is no longer too wide, pushing gold prices to enter the accumulation phase after the recent strong increase cycle.

However, the main trend for gold prices will still be an uptrend with notable technical levels listed as follows.
Support: 2,449 – 2,431USD
Resistance: 2,483USD

🪙SELL XAUUSD | 2474 - 2472

⚰️SL: 2477

⬆️TP1: 2467
⬆️TP2: 2462

🪙BUY XAUUSD | 2429 - 2431

⚰️SL: 2425

⬆️TP1: 2436
⬆️TP2: 2441

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🟥Gold shines on expectations of interest cuts... and expectations of breaching this level


Global gold prices rose during these moments of trading, today, Thursday, to be trading not far from the record high level recorded in the previous session, as increasing expectations of a reduction in US interest rates in September led to an increase in demand for non-yielding bullion.

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🟢US Federal Reserve Member Goolsbee: The inflation mission is not over yet!

The statements of the US Federal Reserve member in Chicago, Austin Goolsby, today, Thursday, addressed the following points:

🟢I feel much better after several months of improvement in the CPI, but the job of inflation is far from over.

🟢It is very clear that inflation has fallen a lot in the past 12 to 18 months, and that is the same rate as inflation has fallen at all times.

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World gold prices dropped sharply last night and this morning (July 19), when the USD exchange rate rebounded from a 4-month low. Some experts predict that if former US President Donald Trump is re-elected, his economic policies will benefit gold prices.

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Thus, last week the world gold price lost more than 2% due to pressure from the recovery of the USD. The USD increased 0.1% against other currencies, while 10-year Treasury bond yields also increased, putting considerable pressure on bullion.

In addition, profit-taking activities in the market increased after this precious metal reached an all-time high thanks to increasing expectations that the US Central Bank will cut interest rates in September. Factors pushing gold prices down.

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🔴The Israeli army announces the interception of a missile launched from Yemen

The Israeli army said on Sunday that it had intercepted a surface-to-surface missile that was approaching Israel from the Red Sea. He said that the missile was coming from Yemen and was shot down before crossing into Israeli territory. He added that the Arrow-3 air defense missile system shot down the missile before it crossed into Israeli territory.

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- After hitting a record high around $2,480 per troy ounce, XAUUSD retraced near support at around $2,400 per troy ounce.
- if XAUUSD bounces off the $2,400 per troy ounce support, the price could retest the previous high and reach an all-time high.
- However, if XAUUSD retraces further, the price could test the next support level at around $2,350 per troy ounce.

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🟢The German Federal Bank explains the challenges of reducing inflation in the region

On Monday, the German Federal Bank issued its monthly economic report, which made it clear that the strong wage growth rate makes it difficult to reduce inflation in the euro area, and also called on the central bank to adopt a more cautious approach to the cycle of interest rate cuts.

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➡️After Biden withdrew from the presidential race... Get to know the most prominent potential candidates against Trump

Yesterday, Sunday, the President of the United States of America, Joe Biden, announced his withdrawal from the presidential elections in the United States, which are scheduled to be held next November, after Biden was subjected to strong pressure to leave the presidential race, especially after the primary debate hosted by CNN last month, which ended in favor. Republican candidate Donald Trump wins.

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World gold prices tend to recover after falling in the previous session, losing the mark of 2,400 USD/ounce right after Joe Biden announced he would not run for the next US presidential election.
Previously, analysts predicted that after a sharp decline from a peak of 2,482 USD/ounce, gold could witness another sharp decline at any time, when the overbought volume is dominating, especially in if it falls below the psychological mark of 2,400 USD/ounce.

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🟡Gold rises as investors await US economic data

Gold prices rose today, Tuesday, as the dollar continues to decline, while investors await US economic data this week that may clarify the US Federal Reserve’s timetable for reducing interest rates.

Gold rose in instant transactions by 0.2%, recording $2,401.22 per ounce. US gold futures rose 0.4% to $2,403.60.

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Gold plummeted below 2,375 USD during the Asian session

Gold price is trading at around $2,375, after falling sharply to $2,370 as bulls failed to defend the $2,400 level.

There are no new catalysts behind the move. Markets await US GDP data released tonight and core PCE data to appear tomorrow.