GOLD adjusted down significantly, the basic trend did not change
تم تحديثه
Although market expectations for an interest rate cut by the Federal Reserve in September continued to increase, gold prices remained very volatile and had a significant correction session.
Gold prices hit a record high of $2,483 on Wednesday amid positive interest rate cut expectations, but failed to hold on to gains as investors booked profits. This, along with the increasing possibility of former US President Donald Trump being elected, has stimulated capital flows into the US Dollar, creating some additional pressure, causing gold to adjust downward.
US jobs data released by the US Bureau of Labor Statistics showed more people than expected applying for unemployment benefits, indicating slowing economic growth. Coupled with a flurry of data last week showing inflation moving toward the Fed's 2% target, the data is starting to attract policymakers' attention.
Data released by the U.S. Department of Labor on Thursday showed a larger-than-expected increase in first-time unemployment claims in the United States last week, but there were no significant changes in the markets. labor.
The number of initial applications for unemployment benefits in the US published by the US Bureau of Labor Statistics shows that in the week ending July 13, the number of initial applications for unemployment benefits in the US increased to 243,000, higher than The expected number is 230,000 and also exceeds 223,000 last week.
The most active gold futures contract on COMEX was 636 lots traded immediately within one minute from 07:03 to 07:04 Hanoi time on July 19, with a total contract value of 155 million USD.
Overall, the basic picture has not changed much with positive factors still supporting the possibility of gold price increases.
Analysis of technical prospects for
XAUUSD
As noted to readers in yesterday's edition, gold has suffered a downward correction after the Relative Strength Index operated in the overbought area, indicating that the room for price increases is no longer too great. large and require adjustments after a long period of price increases.
Currently, gold is also operating quite low but does not affect the main trend of price increase with the price channel as the short-term trend and long-term trend.
In the short term, the fact that gold can recover to maintain above the technical level of 2,430 USD will be a good sign for it. On the other hand, if gold recovers back above $2,449, it will mark the end of the downward adjustment cycle.
During the day, gold could continue to correct further once it is sold below $2,420 with a subsequent downside target of around $2,400.
The downward correction cycle from the uptrend of gold prices will be noticed again by the following technical levels.
Support: 2,420 – 2,400USD
Resistance: 2,430 – 2,449USD
🪙SELL XAUUSD | 2466 - 2464
⚰️SL: 2470
⬆️TP1: 2459
⬆️TP2: 2454
🪙BUY XAUUSD | 2409 - 2411
⚰️SL: 2405
⬆️TP1: 2416
⬆️TP2: 2421
Gold prices hit a record high of $2,483 on Wednesday amid positive interest rate cut expectations, but failed to hold on to gains as investors booked profits. This, along with the increasing possibility of former US President Donald Trump being elected, has stimulated capital flows into the US Dollar, creating some additional pressure, causing gold to adjust downward.
US jobs data released by the US Bureau of Labor Statistics showed more people than expected applying for unemployment benefits, indicating slowing economic growth. Coupled with a flurry of data last week showing inflation moving toward the Fed's 2% target, the data is starting to attract policymakers' attention.
Data released by the U.S. Department of Labor on Thursday showed a larger-than-expected increase in first-time unemployment claims in the United States last week, but there were no significant changes in the markets. labor.
The number of initial applications for unemployment benefits in the US published by the US Bureau of Labor Statistics shows that in the week ending July 13, the number of initial applications for unemployment benefits in the US increased to 243,000, higher than The expected number is 230,000 and also exceeds 223,000 last week.
The most active gold futures contract on COMEX was 636 lots traded immediately within one minute from 07:03 to 07:04 Hanoi time on July 19, with a total contract value of 155 million USD.
Overall, the basic picture has not changed much with positive factors still supporting the possibility of gold price increases.
Analysis of technical prospects for
XAUUSD As noted to readers in yesterday's edition, gold has suffered a downward correction after the Relative Strength Index operated in the overbought area, indicating that the room for price increases is no longer too great. large and require adjustments after a long period of price increases.
Currently, gold is also operating quite low but does not affect the main trend of price increase with the price channel as the short-term trend and long-term trend.
In the short term, the fact that gold can recover to maintain above the technical level of 2,430 USD will be a good sign for it. On the other hand, if gold recovers back above $2,449, it will mark the end of the downward adjustment cycle.
During the day, gold could continue to correct further once it is sold below $2,420 with a subsequent downside target of around $2,400.
The downward correction cycle from the uptrend of gold prices will be noticed again by the following technical levels.
Support: 2,420 – 2,400USD
Resistance: 2,430 – 2,449USD
🪙SELL XAUUSD | 2466 - 2464
⚰️SL: 2470
⬆️TP1: 2459
⬆️TP2: 2454
🪙BUY XAUUSD | 2409 - 2411
⚰️SL: 2405
⬆️TP1: 2416
⬆️TP2: 2421
ملاحظة
Thus, last week the world gold price lost more than 2% due to pressure from the recovery of the USD. The USD increased 0.1% against other currencies, while 10-year Treasury bond yields also increased, putting considerable pressure on bullion.In addition, profit-taking activities in the market increased after this precious metal reached an all-time high thanks to increasing expectations that the US Central Bank will cut interest rates in September. Factors pushing gold prices down.
ملاحظة
![GOLD MARKET ANALYSIS AND COMMENTARY - [July 22 - July 26]](https://s3.tradingview.com/t/thwA523Q_mid.png)
ملاحظة
- After hitting a record high around $2,480 per troy ounce, XAUUSD retraced near support at around $2,400 per troy ounce.- if XAUUSD bounces off the $2,400 per troy ounce support, the price could retest the previous high and reach an all-time high.
- However, if XAUUSD retraces further, the price could test the next support level at around $2,350 per troy ounce.
ملاحظة
🟢The German Federal Bank explains the challenges of reducing inflation in the regionOn Monday, the German Federal Bank issued its monthly economic report, which made it clear that the strong wage growth rate makes it difficult to reduce inflation in the euro area, and also called on the central bank to adopt a more cautious approach to the cycle of interest rate cuts.
ملاحظة
➡️After Biden withdrew from the presidential race... Get to know the most prominent potential candidates against TrumpYesterday, Sunday, the President of the United States of America, Joe Biden, announced his withdrawal from the presidential elections in the United States, which are scheduled to be held next November, after Biden was subjected to strong pressure to leave the presidential race, especially after the primary debate hosted by CNN last month, which ended in favor. Republican candidate Donald Trump wins.
ملاحظة
World gold prices tend to recover after falling in the previous session, losing the mark of 2,400 USD/ounce right after Joe Biden announced he would not run for the next US presidential election.Previously, analysts predicted that after a sharp decline from a peak of 2,482 USD/ounce, gold could witness another sharp decline at any time, when the overbought volume is dominating, especially in if it falls below the psychological mark of 2,400 USD/ounce.
ملاحظة
🟡Gold rises as investors await US economic dataGold prices rose today, Tuesday, as the dollar continues to decline, while investors await US economic data this week that may clarify the US Federal Reserve’s timetable for reducing interest rates.
Gold rose in instant transactions by 0.2%, recording $2,401.22 per ounce. US gold futures rose 0.4% to $2,403.60.
ملاحظة
Data released Tuesday from the US National Association of Realtors showed the number of home sales contracts fell 5.4% from May to 3.89 million units per year. This is the fourth consecutive decrease of this index. The slowdown comes as home prices hit another record in June, with the median sales price rising 4.1% to $426,900 per unit. Surprisingly, prices are still rising even as supply has poured into the market in recent months, but home inventory remains at historically low levels.ملاحظة
World gold prices reversed to increase in the previous session, ending a 4-day losing streak as investors waited for US economic data to be released later this week for more information on the interest rate cut roadmap. interest rate of the US Federal Reserve (Fed).ملاحظة
Gold plummeted below 2,375 USD during the Asian session Gold price is trading at around $2,375, after falling sharply to $2,370 as bulls failed to defend the $2,400 level.
There are no new catalysts behind the move. Markets await US GDP data released tonight and core PCE data to appear tomorrow.
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