GOLD fell more than 1%, the bullish structure was threatened

Jul 25

Early in the Asian trading session on July 25, XAUUSD decreased more than 1%, as of the time the article was completed, gold was trading at 2,372USD, equivalent to a decrease of 25Dollar during the day.

Former New York Fed President Dudley (who enjoys perpetual voting rights on the FOMC and is known as “the Federal Reserve's third in command”) wrote: I have long been in the “hold interest” camp. high yield for longer periods of time.
But times have changed and things have changed now so I changed my mind. The Fed should cut interest rates, preferably at its interest rate meeting next week.

Gold traders are now awaiting second-quarter US GDP data today (Thursday), as well as the latest personal consumption expenditures (PCE) price index on Friday, as this is the gauge Fed's preferred inflation.
Reuters quoted sources as saying on Wednesday that the Bank of Japan may discuss whether to raise interest rates at its July 30-31 meeting and announce a plan to nearly halve its bond purchases. votes in the next few years.

Although gold has been supported by news from India which has reduced import duties on gold and silver from 15% to 6%.
But the main reason why gold prices are still being sold off is partly due to profit-taking motivation, and partly because the possibility of Trump's election will support the Dollar. Trump is known as the President with a gay tariff stance. harshly.
The main factor currently supporting gold prices is market expectations that the Federal Reserve may actually decide to cut interest rates before September.

Analysis of technical prospects for XAUUSD
On the daily chart, gold is trading at a very dangerous price position for bullish expectations. As the current price activity falls below most important supports from the trending price channel and the 21-day moving average (EMA21).

Given its current position, gold is still likely to continue to sell off more towards the 0.618% Fibonacci retracement level, which is also the nearest support level. Meanwhile, the Relative Strength Index is pointing down but still quite far from the oversold point, showing that the room for price reduction is still quite comfortable.

Gold can only have enough conditions to increase in price when it surpasses the area of ​​2,400 - 2,390 USD, which is also considered the current pressure area.

During the day, gold has conditions to fall further with notable prices that will be listed again as follows.
Support: 2,362USD
Resistance: 2,385 – 2,390 – 2,400USD

🪙SELL XAUUSD | 2415 - 2413

⚰️SL: 2419

⬆️TP1: 2408
⬆️TP2: 2403

🪙BUY XAUUSD | 2349 - 2351

⚰️SL: 2345

⬆️TP1: 2356
⬆️TP2: 2361

Jul 27

Note

Gold prices increased 1% on Friday (July 26), as US Government bond yields fell due to optimism that the US Federal Reserve (Fed) will lower interest rates in September, after data showed that inflation in the US increased slightly in June.

Jul 28

Note

World gold prices increased sharply in the trading session on Friday (July 26), as the latest inflation report increased expectations that the US Federal Reserve (Fed) would start cutting interest rates in September, pulled US Treasury bond yields and the USD exchange rate down. Analysts predict a lack of consensus on the outlook for gold prices next week, when the Fed has its regular monetary policy meeting.

Jul 29

Note

The issue of USD policy resurfaced after Trump's interview with Bloomberg, as part of his presidential re-election campaign. "We have a currency problem, as you know. It's the currency." he said during a discussion about policy priorities for a second term.

Jul 29

Note

Total demand for bullion in the first half of the year fell nearly 6% year-on-year to 524 tons, according to the World Gold Council's quarterly report. Data also shows that jewelry purchases in the second quarter plummeted 52%, according to Bloomberg calculations.

Jul 29

Note

🔴The dollar rises strongly and leads safe havens.. and the shekel collapses against it with losses of 1.8%

The US dollar rose in trading today, Monday, before the US opening by more than 0.3%, supported by an attempt at a safe haven with the escalation of tensions in the Middle East, while the British pound declines before the Bank of England meeting this week to set monetary policy.

Jul 30

Note

Gold prices fell in the trading session on Monday (July 29), as the USD strengthened before the US Federal Reserve (Fed) began its two-day monetary policy meeting. Although gold prices are struggling at prices below 2,400 USD/oz, some analysts believe that gold prices are still capable of setting a new record this year.

Jul 30

Note

🔻US Consumer Confidence Index Positive and Better Than Expectations Again!

Data released by the Conference Board a short while ago showed that the US Consumer Confidence Index data for the current month of July was positive, as the index reading was better than market expectations for the third consecutive month.

Jul 31

Note

XAUUSD decreased slightly after a significant recovery period, at the Asian trading session on July 31, gold decreased slightly from the Fibonacci level of 0.382% to 2,405USD/oz, equivalent to a decrease of about 0.25% on the day.