GOLD moves sideways awaiting significant fundamental impact

7月2日

XAUUSD closed Monday's session higher but still limited by the 0.236% Fibonacci level. Currently price activity hovers around the EMA21 level as investors turn their attention to US jobs data due out later this week, which could provide further clues about a rate cut of the Federal Reserve.

U.S. manufacturing activity fell for a third straight month in June as demand for goods weakened and a gauge of factory input prices fell to a six-month low, suggesting inflation may continue to ease.
This week, the market will focus on today's (Tuesday) speech by Federal Reserve Chairman Powell, the minutes of the central bank's latest policy meeting on Wednesday and non-payroll data. US agriculture on Friday. US markets will be closed on Thursday for the Independence Day holiday.
The market currently expects a 64% chance that the Fed will cut interest rates in September and another rate cut in December. Lower interest rates reduce the opportunity cost of holding gold and make gold more attractive. should be more attractive than holding US Dollar.

XAUUSD is keeping price activity around the EMA21 level, however, staying above the EMA21 level is a good sign for gold prices as the current $2,324 technical point is also acting as another support. compatible with EMA21.

Meanwhile, the Relative Strength Index (RSI) is still moving sideways without a clear trend. If the RSI bends and points up, it will be a signal that there is still a lot of room for price growth.

The 0.236% Fibonacci retracement level is also currently the resistance that limits the upside potential of gold prices. Once gold breaks this Fibonacci level, which can be confirmed by the $2,345 level, it has all the technical elements. needed for a new bullish cycle with a short-term target around 2,364USD.
With current largely sideways price activity, gold will need significant impact from fundamentals to create technical direction.

During the day, the trend of gold price is still moving sideways around the EMA21 level, and the price points will be noticed again as follows.
Support: 2,324 – 2,320USD
Resistance: 2,338 – 2,340 – 2,345USD

🪙SELL XAUUSD | 2361 - 2359

⚰️SL: 2365

⬆️TP1: 2354
⬆️TP2: 2349

🪙BUY XAUUSD | 2304 - 2306

⚰️SL: 2300

⬆️TP1: 2311
⬆️TP2: 2316

7月3日

注释

Goldman Sachs predicts when and how much the US Federal Reserve will cut interest rates

Two analysts at the famous American investment bank, Goldman Sachs, presented their expectations for the steps of the US Federal Reserve regarding the date and number of times it will cut interest rates during the bank’s meetings this year.

7月4日

注释

🔴Fed says it’s not ready to cut rates until ‘greater confidence’ inflation is moving to 2% goal.

7月4日

注释

The dollar declines after interest rate cut hopes rise

The US dollar fell in early European trade on Thursday as weak economic data raised expectations of interest rate cuts by the Federal Reserve, while the pound rose as the UK headed to the polls.

At 13:34 Riyadh time, the dollar index, which measures the US currency against a basket of six other currencies, was trading 0.15% lower at 104.907, continuing the sharp declines seen overnight.

7月5日

注释

🔴The dollar falls to its lowest level in 3 weeks before the release of employment data

The US dollar fell sharply during major foreign exchange trading on Thursday, as market expectations rose regarding the Federal Reserve ending its monetary tightening policy.

7月7日

注释

📌The trading plan for next week will be to buy if the price returns to test around the 2335 barrier, and to sell if the price approaches the 2440 area.

7月8日

注释

This week will be a busy week for financial markets due to the release of many important US economic information. On Tuesday and Wednesday, Fed Chairman Jerome Powell will give regular testimony on monetary policy before the US Congress. Next, the US Department of Labor will release the June consumer price index (CPI) report on Thursday and the producer price index (PPI) on Friday.

7月8日

注释

🟢Treasury yields rise as investors look to inflation data due in week ahead

➡️U.S. Treasury yields were higher on Monday as investors looked ahead to key economic data due throughout the week, including fresh inflation insights.

7月8日

注释

🟢The US dollar begins the week's trading with a slight decline... Why?

The US dollar index witnessed clear downward pressure during global market transactions on Monday, after losing about 1% during the past week, affected by weak US economic data, which reinforced speculation about the possibility that the US Federal Reserve will begin reducing interest rates sooner than expected, which is something that... It may negatively affect future US dollar trading.

7月9日

注释

On the technical chart, XAU/USD has hit resistance at $2,390, a level that caused a reversal in April. The possibility of improving risk appetite in global financial markets is still possible, supported by financial reporting season. If XAU/USD breaks above the $2,390 mark, it could be an important signal, signaling a new attack on historic highs near 2,450.