Gold market continues with downtrend
Updated
Edward Moya, senior market analyst at OANDA, said: “Global bond yields are surging and there seem to be concerns that global growth concerns could get even worse and that That gets people back to the dollar.”
Worries about global growth, especially in China and the euro zone, have pushed haven demand for the currency to its highest in months, making gold more expensive for buyers abroad. outside.
Metals market bulls were discouraged after China received some weaker-than-expected economic data.
According to CME's FedWatch tool, the market is expecting a 93% chance the Fed will pause interest rate hikes at its September meeting. However, there is a 40% chance of a rate hike in November or December.
In the short term, gold continues to be under downward pressure. However, gold is quite strongly supported at the 200-day moving average, around $1,920 an ounce.
At the end of the year or early next year, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy.
Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Worries about global growth, especially in China and the euro zone, have pushed haven demand for the currency to its highest in months, making gold more expensive for buyers abroad. outside.
Metals market bulls were discouraged after China received some weaker-than-expected economic data.
According to CME's FedWatch tool, the market is expecting a 93% chance the Fed will pause interest rate hikes at its September meeting. However, there is a 40% chance of a rate hike in November or December.
In the short term, gold continues to be under downward pressure. However, gold is quite strongly supported at the 200-day moving average, around $1,920 an ounce.
At the end of the year or early next year, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy.
Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Note
XAUUSD SELL LIMIT 1922 - 1924 🔽🔽🟢TP1: 1918
🟢TP2: 1914
🔴SL: 1928
Note
short-term trend
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