GOLD - Waiting for the trend to break and continue to go up
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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.
Ghi chú
Market participants increase bets of a soon-to-come Federal Reserve’s pause.Ghi chú
XAU/USD hovers around its daily opening, with the downside limited by broad USD weakness.Ghi chú
Gold prices temporarily eased on Monday, with XAU/USD currently trading at around $1,954Ghi chú
Financial market’s frenzy cooled down as investors gear up for first-tier events scheduled for the next weekGhi chú
including central banks and yet another update on the United States inflation progress.Ghi chú
The US Dollar recovered some of the ground lost after collapsing last week, although its gains are irrelevantGhi chú
The United States (US) Consumer Price Index (CPI) came below expected in June, posting a modest 0.2% monthly increase.Ghi chú
Momentum indicator heads marginally lower within negative levels, while the Relative Strength Index (RSI) indicator hovers within neutral levels.Ghi chú
Support levels: 1,950.70 1,940.95 1,928.60Ghi chú
Resistance levels: 1,967.90 1,983.40 1,996.55
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