Gold prices predict optimistically

Precious metals recently experienced a price drop as the US employment report for July fell short of expectations, reflecting decreases in May and June as well. Despite lingering inflation pressures, the latest gold survey by Kitco News shows a weakening US labor market, leaving most market analysts optimistic or neutral about the outlook for gold this week.

The US job market is cooling down, which is what the Federal Reserve wants to see. The market increasingly believes that interest rates have peaked and the next move for the Fed is to lower them. In this environment, gold is set to rise.

Despite headwinds from the Fed, gold is still holding at a high level. Looking at this, one can estimate how high the price of this precious metal will be when the Fed's tightening cycle ends.

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U.S. Treasury yields climbed on Monday as investors weighed the state of the economy and awaited key inflation data due later in the week.

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The central bank's gold demand reached a record high, indicating the significance of gold as a safe haven asset amidst global political tension and challenging economic conditions. Despite a slower growth rate in Q2, the central bank's trend of purchasing gold has controlled the gold market.

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🕯 SELL GOLD | 1950 - 1953

🔴 SL: 1958

🟢 TP1: 1942
🟢 TP2: 1932

🕯 BUY GOLD | 1923 - 1926

🔴 SL: 1918

🟢 TP1: 1933
🟢 TP2: 1940

Zlecenie aktywne:

⭐️Plan to BUY Runnings + 40pips 💲💲💲

Zlecenie aktywne:

⭐️Plan to BUY Runnings + 70pips 💲💲💲

Komentarz:

Yesterday, the gold price dropped to $1,923, which is also the Fibo 61.8 Demand Zone. It then had a correction to $1,932 but weakened again, forming lower lows. This could lead to further price declines today, especially if it closes below the EMA200. The H1 chart shows a continuous downtrend along the Trendline. The current key level is $1,932xx and needs to be broken.