GOLD MARKET ANALYSIS AND COMMENTARY - [July 08 - July 12]

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After gold retested the $2,364 level it broke this technical level over the weekend and headed towards the original price point of $2,400.

As sent to readers in recent publications, in terms of technical factors, gold price still has enough conditions for a bullish outlook with the main support being noticed at the EMA21 moving average line, The fact that gold prices are operating above the 21-day moving average makes this moving average a reliable support.

On the other hand, in the short term the 0.236% Fibonacci level is also a notable support point; Meanwhile, the Relative Strength Index is pointing up without reaching the overbought level, showing that the upward price momentum is still widespread.

In the immediate future, the target level will still be noticed at the original price point of 2,400 USD, this is an important price point where the gold price can make short-term downward adjustments here. However, once the original price level of 2,400 USD is broken, gold will continue to move towards 2,449 USD in the short term.

The bullish outlook for gold prices will be highlighted again by the following technical points.
Support: 2,364 – 2,350 – 2,345USD
Resistance: 2,400 – 2,449USD

📌The trading plan for next week will be to buy if the price returns to test around the 2335 barrier, and to sell if the price approaches the 2440 area.

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This week will be a busy week for financial markets due to the release of many important US economic information. On Tuesday and Wednesday, Fed Chairman Jerome Powell will give regular testimony on monetary policy before the US Congress. Next, the US Department of Labor will release the June consumer price index (CPI) report on Thursday and the producer price index (PPI) on Friday.

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🟢Treasury yields rise as investors look to inflation data due in week ahead

➡️U.S. Treasury yields were higher on Monday as investors looked ahead to key economic data due throughout the week, including fresh inflation insights.

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🟢The US dollar begins the week's trading with a slight decline... Why?

The US dollar index witnessed clear downward pressure during global market transactions on Monday, after losing about 1% during the past week, affected by weak US economic data, which reinforced speculation about the possibility that the US Federal Reserve will begin reducing interest rates sooner than expected, which is something that... It may negatively affect future US dollar trading.

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On the technical chart, XAU/USD has hit resistance at $2,390, a level that caused a reversal in April. The possibility of improving risk appetite in global financial markets is still possible, supported by financial reporting season. If XAU/USD breaks above the $2,390 mark, it could be an important signal, signaling a new attack on historic highs near 2,450.

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On the daily chart time frame, XAUUSD has pared recent gains and is moving sideways near the downtrend line, where a further decline towards 2250 support could occur. Change in market structure above The lower time frame, through the formation of higher lows and higher highs, could indicate a potential recovery from 2250. Conversely, if XAUUSD breaks below the 2250 support level, the price could drop to 2180 - next potential support level. MACD is also below the zero threshold, indicating a bearish possibility.

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Fed's Powell: The latest labor market data sent a clear signal that the labor market has slowed considerably.

Fed's Powell: The labor market is more or less returning to pre-pandemic levels.

Fed's Powell: The next policy move is not likely to be a rate hike.

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🟢US Treasury Secretary Yellen: I am not aware of any discussions among Treasury secretaries regarding activating the 25th Amendment.

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World gold prices increased slightly on Tuesday (July 9) in the context of a firm USD and US Treasury bond yields inching up, as investors waited for the US to announce new inflation data this week. This is to be able to have a clearer direction on the path of interest rates.

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🟢Goldman Sachs predicts when the US Federal Reserve will cut interest rates

Analysts at the US investment bank Goldman Sachs expressed, on Wednesday, their optimism regarding the US Federal Reserve’s interest rate cuts that will be decided by the Federal Open Market Committee during the coming period.

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➡️Despite Powell's supportive testimony... the US dollar is declining today!

The US dollar index fell near its lowest levels in three weeks, today, Wednesday, despite US Federal Reserve Governor Jerome Powell’s supportive statements regarding interest rates, but the decline in US bond yields led to a weak performance of the US dollar, amid anticipation of the second and final day of Jerome’s testimony. Powell before Congress.

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🔴A member of the US Federal Reserve talks about global inflation and policy challenges

Lisa Cook, a member of the Federal Reserve Board, delivered an important speech on “Global Inflation and Monetary Policy Challenges” during the 2024 Australian Conference of Economists, held on Thursday evening. In her remarks, Cook noted that inflation in the United States is expected to continue to decline without a significant impact on... Unemployment rate, according to a Reuters report.

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Wave 5 is complete and the Weekly Plan view is 90% formed with a target of $2440.❤️

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World gold prices decreased but still maintained the 2,400 USD/oz mark in the trading session on Friday (July 12) and completed the third consecutive week of increase thanks to expectations that the US Federal Reserve (Fed) will soon interest rate cuts. Some experts predict that gold prices could re-establish an all-time record in the next few days.

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Gold prices fell slightly in early Asian trading on Monday, remaining at record highs but demand for safe-haven assets did not increase following the assassination attempt on former US President Donald Trump.