GOLD recovers from $2,400, Powell continues to support

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XAUUSD recovered after correcting and testing support at the $2,400 base price point on Monday. At the time this article was completed, gold was trading at 2,430USD/oz, an increase equivalent to 0.31% of more than 7Dollar on the day.

Gold price rose for a third straight week but fell short of its daily high as Federal Reserve Chairman Jerome Powell kept his promise and did not provide expected guidance.

Gold opened slightly lower on Monday after Trump's assassination over the weekend increased his chances of winning the November election. This gave slight support to the US Dollar, although concerns have eased and gold continued its upward trend, pushing gold prices to a multi-week high of $2,439/ounce.

Federal Reserve Chairman Jerome Powell gave a dovish signal on Monday. Powell said second-quarter economic data gives policymakers more confidence that inflation is falling toward the Fed's 2% target. The comments could pave the way for interest rate cuts in the near future.
Powell said he will not wait until inflation reaches the 2% target to cut interest rates, because the impact of monetary policy has a lag, and keeping interest rates too high for too long will limit them too much. economic growth rate.
He further explained that if we wait until inflation reaches the 2% target to cut interest rates, we may have to wait too long because the currently applied tightening monetary policy will still have an impact and can push up interest rates. Inflation is below 2%.

San Francisco Fed President Mary Daly declined to give guidance on when the Fed might cut interest rates, but acknowledged that significant progress had been made in controlling inflation.
She noted growing confidence in getting closer to the 2% inflation target and said more information was needed before making a decision on interest rates. She noted that she had seen progress toward her goal, but had not yet achieved it.

According to CME's "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 91.2% and the probability of cutting interest rates by 25 basis points is 8.8%. The probability of the Fed keeping interest rates unchanged until September is 0.0%, the probability of cutting interest rates for the first time is about 99.7%.

Lower interest rates will be significantly beneficial for precious metals, especially non-yielding gold.

Analysis of technical prospects for XAUUSD
After gold adjusted and retested the original price area of ​​2,400 USD, which was the support that readers noticed in the publication last week, gold has recovered and currently maintains its price activity around 2,430 USD. by the time the article is completed.

In terms of technical structure, there are not many changes compared to the previous issue sent to you with most of the technical conditions supporting the possibility of a price increase.
The main trend of gold price is noticed by the price channel, as long as gold remains above EMA21, the technical outlook will still be bullish.

Heading towards all-time highs, gold prices currently have no technical resistance ahead, and the nearest notable support levels remain around the $2,400 raw price. This means that, technically, very large fluctuations can continue to occur, but the upward price trend will not change.

During the day, the uptrend of gold prices will be noticed by the following price levels.
Support: 2,418 – 2,400 – 2,390USD
Resistance: 2,449USD

🪙SELL XAUUSD | 2401 - 2399

⚰️SL: 2405

⬆️TP1: 2394
⬆️TP2: 2389

🪙BUY XAUUSD | 2337 - 2339

⚰️SL: 2333

⬆️TP1: 2344
⬆️TP2: 2349

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Uwaga

🟥GOLD HEADS FOR RECORD HIGH CLOSE ON VIEW THAT FED IS POISED TO CUT RATES

Gold prices advanced Tuesday, on track for a record close as rising expectations of a September interest rate cut bolstered demand for bullion.

Spot gold gained 0.7% to $2,438.83 per ounce. Gold futures advanced 0.6% to $2,443.80. Earlier in the day, futures hit a high of $2,448.2, the best level since May 20 when it traded for as much as $2,454.20.

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🟢TRUMP WARNS THE US FEDERAL RESERVE GOVERNOR AGAINST CUTTING INTEREST RATES BEFORE THE ELECTIONS!

Donald Trump, the Republican presidential candidate for the US presidency, during an interview with Bloomberg Businessweek, yesterday evening, Tuesday, warned Federal Reserve Governor Powell against lowering interest rates before the elections.

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🔻The current US President, Joe Biden, is stumbling on his way to the White House for a serious term, with a counter-campaign not only from his rival, Republican candidate Donald Trump, but also from his family in the Democratic Party, as calls for his withdrawal are increasing.

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Uwaga

🟥Gold shines on expectations of interest cuts... and expectations of breaching this level

Global gold prices rose during these moments of trading, today, Thursday, to be trading not far from the record high level recorded in the previous session, as increasing expectations of a reduction in US interest rates in September led to an increase in demand for non-yielding bullion.

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🟢US Federal Reserve Member Goolsbee: The inflation mission is not over yet!

The statements of the US Federal Reserve member in Chicago, Austin Goolsby, today, Thursday, addressed the following points:

🟢I feel much better after several months of improvement in the CPI, but the job of inflation is far from over.

🟢It is very clear that inflation has fallen a lot in the past 12 to 18 months, and that is the same rate as inflation has fallen at all times.

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World gold prices dropped sharply last night and this morning (July 19), when the USD exchange rate rebounded from a 4-month low. Some experts predict that if former US President Donald Trump is re-elected, his economic policies will benefit gold prices.

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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.

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🔴The Israeli army announces the interception of a missile launched from Yemen

The Israeli army said on Sunday that it had intercepted a surface-to-surface missile that was approaching Israel from the Red Sea. He said that the missile was coming from Yemen and was shot down before crossing into Israeli territory. He added that the Arrow-3 air defense missile system shot down the missile before it crossed into Israeli territory.

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🟢The German Federal Bank explains the challenges of reducing inflation in the region

On 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.