Long

Gold Prices Stable as Dollar Strengthens Ahead of U.S. Inflation

Updated

Early in the Asian session on Tuesday, gold prices remained steady as the dollar exhibited a slight recovery. Investors were in a state of anticipation, as they looked forward to the upcoming U.S. inflation data for the week. This data was expected to provide insights into the possibility of further interest rate increases.

BUY 1930- 1932💯💯

✅ TP1: 1936
✅ TP2: 1940

🛑 SL: 1927

Note

Spot gold, denoted as "GOLD," maintained its position at $1,935.39 per ounce as of 0058 GMT. Similarly, U.S. gold futures, referred to as "GOLD" as well, remained stable at $1,970.

Note

Running. +40pips ✅✅

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The dollar gained a 0.2% boost against major currencies, reflected in the DXY index, thereby increasing the cost of bullion for holders of other currencies.

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The outlines of the discussion central to the upcoming policy decision of the Federal Reserve next month became more distinct on Monday, as officials presented arguments both in favor of and against another interest rate hike.

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Fed Governor Michelle Bowman stated on Monday that further interest rate increases will probably be required to bring down inflation to the U.S. Federal Reserve's desired target of 2%.

Note

BUY AGAIN 1930- 1932💯💯

✅ TP1: 1936
✅ TP2: 1940

🛑 SL: 1927

Note

Increases in interest rates typically result in higher bond yields, which in turn elevate the opportunity cost of holding bullion with zero yield.

Note

BUY NOW 1930- 1932💯💯

✅ TP1: 1936
✅ TP2: 1940

🛑 SL: 1927

Note

In line with investor sentiment, the holdings of the largest gold-backed exchange-traded fund in the world, SPDR Gold Trust (GLD), declined by 0.3% on Monday.

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Gold shows muted movement as the dollar demonstrates strength ahead of the U.S. inflation data release.

Note

Front Month Comex Gold, set for August delivery, experienced a decline of $6.10 per troy ounce, equivalent to 0.31%, bringing it to $1933.50 today.

This marks the most substantial single-day drop in both dollar value and percentage since Tuesday, August 1, 2023. Over the last five sessions, it has seen declines in four of them.

In comparison to its 52-week high of $2048.00 on Thursday, May 4, 2023, it has receded by 5.59%. However, it remains 19.11% higher than its 52-week low of $1623.30 reached on Monday, September 26, 2022. In the span of 52 weeks, it has registered a growth of 8.21%.

From its 2023 settlement high of $2048.00 on Thursday, May 4, 2023, it has experienced a decrease of 5.59%, while it has risen by 6.89% from its 2023 settlement low of $1808.80 on Friday, February 24, 2023.

In comparison to its record high of $2051.50 on Thursday, August 6, 2020, it has dipped by 5.75%.

Year-to-date, it has seen an increase of $113.80, equal to 6.25%.

All mentioned prices are calculated based on the settlement price of the current front month contract.

Note

SELL LIMIT 1937 - 1940🔥🔥

TP1 ✔️ 1933
TP2 ✔️ 1930

SL ❌ 1944

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