The price of gold declined yesterday after the US announced that 497,000 new jobs were created in June 2023, surpassing market expectations of 267,000. This news led to a significant appreciation of the USD and a decrease in the 2-year US bond interest rate from 5.12% to 5.04%. As a result, many investors shifted their capital into USD and bonds, reducing the flow...
Double top in monthly time frame. Good opportunity in selling in Gold
Gold is forming an inverted head and shoulder pattern on the hourly timeframe, it is at a key pivot level. Any break above that will see a sharp intraday rally in the commodity.
The Gold Price ended the previous week on a positive note, despite experiencing three weeks of consecutive losses. However, there was a noticeable recovery as the price bounced back from the bearish channel's support, which has been in place for five weeks. Additionally, there was an upward break of a descending resistance line that had formed two weeks prior....
The current economic troubles may prevent the gold price from experiencing significant declines. Concerns about a global economic downturn, especially in China, could provide some support to gold as a safe-haven asset and prevent further losses, at least for now. Even though the Chinese Manufacturing Purchasing Managers' Index (PMI) for June was slightly better...
Gold prices steadied after a slight overnight gain on Wednesday as investors worried ahead of the Federal Reserve's June meeting minutes, while copper fell amid concerns over the US trade war. - New Middle. The yellow metal has enjoyed a small rally over the past three sessions, after plummeting below the $1,900 support last week. Fear of US interest rate hike is...
Now, the focus is entirely on the minutes of the Fed's June meeting, for any further signals on the direction of US interest rates. This trend indicates that gold will come under more pressure in the coming months, although expectations of a potential recession in the US have also boosted some safe-haven demand for the yellow metal. Gold is waiting for a break...
The current stance of central banks favoring tighter monetary policies is expected to hinder the rise of gold prices. Additionally, the likelihood of a 25 basis points rate hike at the upcoming FOMC meeting, coupled with a more aggressive approach taken by major central banks, is likely to continue exerting pressure on the non-yielding gold price. Furthermore, the...
The Gold price is being affected by a slight increase in the US Dollar. After experiencing significant losses on Friday, the US Dollar is attracting some buyers and recovering. This is seen as a key factor that is putting pressure on the price of Gold. Recent data from the United States shows that the Personal Consumption Expenditures (PCE) Price Index decreased...
The gold price might not suffer significant losses due to the current economic challenges. The concerns about a global economic downturn, especially in China, could provide some support to the safe-haven precious metal and prevent more significant declines, at least for now. Market worries persist even after the release of a slightly better-than-expected Chinese...
In the past week, central banks have indicated their intention to tighten monetary policy, leading to a drop in gold prices below $1900. Despite the possibility of an interest rate hike and a decrease in demand for physical gold, the US economy has shown signs of solid recovery with positive GDP growth in Q1 and continued consumer demand driving GDP growth. From...
The XAU/USD pair is facing downward pressure due to the modest strength of the US Dollar. Federal Reserve Chair Jerome Powell has indicated that two rate increases may occur this year, including the possibility of one at the upcoming policy meeting. Powell also stated that inflation is unlikely to reach the Fed's 2% target until 2025. These factors have...
Gold traders are closely watching the potential Bear Cross on the daily chart, which is responsible for the recent decline in the price of Gold. To confirm the bearish momentum, the Gold price needs to close below the downward-sloping EMA34 and cut through the EMA89 from above. At the moment, the 14-day Relative Strength Index (RSI) is below the midline,...
The USD is being supported by higher US bond yields, which is limiting the upside potential of XAU/USD. Meanwhile, Fed Chair Jerome Powell has restated that the Fed is likely to raise interest rates twice this year and does not expect inflation to reach the target of 2% until 2025. These statements, combined with positive US macro data released on Thursday, have...
Gold prices remained subdued on Wednesday as the U.S. dollar gained strength following hawkish remarks made by Jerome Powell at a central banking forum hosted by the ECB. By late afternoon, the XAU/USD was down by approximately 0.15% to $1,910, approaching its lowest level since March 15 and heading towards a monthly decline of over 2.5%. During a panel...
The XAU/USD pair is being negatively affected by the moderate strength of the US Dollar. The Federal Reserve Chair, Jerome Powell, has stated that there may be two rate increases this year, and it is possible that the next policy meeting on July 25-26 could result in a lift-off. Powell also mentioned that he does not expect inflation to reach the Fed's 2% target...
Friday’s rebound in gold prices came on the back of diminishing open interest and suggests that the continuation of the rebound appears unlikely for the time being. In the meantime, the yellow metal remains bolstered by the $1910 per troy ounce for the time being. Today, Gold price still stays at $1920 - $1930 Can SELL zone at SELL GOLD $1931- $1934, Sl 1944...