Gold price continues to fall, no sign of recovery yet

Gold prices continue to decline this week due to previous information. The market expects gold to trade around $1,950 for the rest of the summer as solid economic growth supports expectations that the Fed will maintain a hawkish stance until the end of the year.

However, experts remain optimistic about the long-term prospects of the precious metal. The recent WGC report suggests that there is a chance for gold prices to rise in the second half of 2023.

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The central bank's gold demand reached a record high, indicating the significance of gold as a safe haven asset amidst global political tension and challenging economic conditions. Despite a slower growth rate in Q2, the central bank's trend of purchasing gold has controlled the gold market.

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🕯 SELL GOLD | 1950 - 1953

🔴 SL: 1958

🟢 TP1: 1942
🟢 TP2: 1932

🕯 BUY GOLD | 1923 - 1926

🔴 SL: 1918

🟢 TP1: 1933
🟢 TP2: 1940

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Yesterday, the gold price dropped to $1,923, which is also the Fibo 61.8 Demand Zone. It then had a correction to $1,932 but weakened again, forming lower lows. This could lead to further price declines today, especially if it closes below the EMA200. The H1 chart shows a continuous downtrend along the Trendline. The current key level is $1,932xx and needs to be broken.

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🟢Gold reverses its losses as inflation in America rose less than expected.

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World gold price continued its downtrend, USD rose again after US inflation data.