Newsletter 7/11: Gold price forecast to increase

In the global gold market, the price of spot gold increased by 0.7 USD to reach 1,925.1 USD per ounce at the end of the trading day in the US. During the Asian session today, the gold price continued to rise slightly, reaching 1,926 USD per ounce.

In the Comex New York exchange, the price of gold futures for delivery in August 2023 dropped by $1.50, or 0.08%, settling at $1,931 per ounce.

Gold futures set for delivery in August 2023 experienced a slight decrease of $1.50, or 0.08%, on the Comex New York exchange, bringing the price to $1,931 per ounce.

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This is further supported by the formation of an inverted head and shoulders pattern just above the Daily Buy order block, coinciding with the release of the Friday NFP news.

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Ole Hansen, head of commodity strategy at Saxo Bank, is also bullish on gold as markets end the week above key resistance, even as US 10-year yields push above 4%. .

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Adrian Day, who has been neutral on gold lately, sees the precious metal as potentially bullish on weak jobs data, supporting growing expectations that the Fed will quickly end the cycle. tightening period.

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From a technical perspective, Boutros pointed out that gold can only break its downtrend when it rises above $1,943 an ounce. Conversely, if the gold price remains below $1,943 per ounce, it may plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.

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Gold has started the trading week with a fairly peaceful movement as it only slightly decreased in the US Monday midday session. Still, it's been a hectic week for US economic reports, including key US inflation data later this week.