Gold prices end July with gains despite ETF outflows

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The gold market remains stable as bond yields and the US dollar continue to rise. However, the market is facing difficulties with further liquidation of gold-backed exchange-traded products.

According to the latest market report released on Tuesday, analysts at the World Gold Council stated that global ETF market saw a decrease in holdings by 34 tons, worth $2.3 billion. This is the fourth consecutive month of liquidation in the gold market.

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ملاحظة

Stocks rose Thursday after a key inflation reading showed slightly less year-over-year inflation growth than expected.
🟢The Dow Jones Industrial Average advanced 337 points, or 1%.
🟢The S&P 500 climbed 0.9%, and the Nasdaq Composite rose 1.1%.

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ملاحظة

Technically, gold price failed to sustain in its sideways range at $1,930 - $1,950 and turned down.

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ملاحظة

Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.

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ملاحظة

Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.

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ملاحظة

BUY XAUUSD zone 1899 - 1902

SL: 1896

TP: 1905
TP: 1908

١٦ أغسطس ٢٠٢٣

أغلقت الصفقة: تم الوصول للهدف

It's Hit TP2 + 90pips 🧃🧃🧃

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ملاحظة

Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.