XAUUSD : Gold finds old peak at 2365$
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The dollar remains strengthened, especially against currencies where central banks have a more dovish stance than the Fed – most notably the yen and renminbi. However, gold investors still ignored fluctuations in the foreign exchange market, so gold recovered from the weak level at the beginning of last week and ended the week in the green.
The fact that gold continues to "ignore" the strength of the USD shows that investors do not consider gold as a foreign exchange product, they still focus on the appeal of this metal after years of inflation exceeding forecasts. weakening the purchasing power of fiat currencies.
US NFP and CPI data are notable for the USD and gold
The latest US inflation data on Friday (core PCE index) was fully in line with market expectations. Other key U.S. economic data sets are due out in the coming weeks, including the June nonfarm payrolls report on Friday, followed by CPI data on July 11. Some other important economic data this week are also worth watching, such as ISM manufacturing and services PMI, ADP employment data, JOLTS jobs openings and FOMC meeting minutes.
It can be seen that gold is still "standing firm" even though the USD is strengthening, so the possibility of gold soaring to a new record peak if the USD weakens at this time is not too far-fetched. Therefore, it is necessary to closely monitor the upcoming data series. Any sign of further weakness in the U.S. economy will strengthen expectations for more than one Fed rate cut in 2024.
Gold still shows a long-term upward trend. Although gold has recently appeared to be moving sideways and its upward momentum has slowed, this could be a positive sign. Because this accumulation period helps the RSI reduce the "overbought" situation on the weekly and monthly charts. This is mainly achieved through time rather than price action, which is usually a bullish sign.
The fact that gold continues to "ignore" the strength of the USD shows that investors do not consider gold as a foreign exchange product, they still focus on the appeal of this metal after years of inflation exceeding forecasts. weakening the purchasing power of fiat currencies.
US NFP and CPI data are notable for the USD and gold
The latest US inflation data on Friday (core PCE index) was fully in line with market expectations. Other key U.S. economic data sets are due out in the coming weeks, including the June nonfarm payrolls report on Friday, followed by CPI data on July 11. Some other important economic data this week are also worth watching, such as ISM manufacturing and services PMI, ADP employment data, JOLTS jobs openings and FOMC meeting minutes.
It can be seen that gold is still "standing firm" even though the USD is strengthening, so the possibility of gold soaring to a new record peak if the USD weakens at this time is not too far-fetched. Therefore, it is necessary to closely monitor the upcoming data series. Any sign of further weakness in the U.S. economy will strengthen expectations for more than one Fed rate cut in 2024.
Gold still shows a long-term upward trend. Although gold has recently appeared to be moving sideways and its upward momentum has slowed, this could be a positive sign. Because this accumulation period helps the RSI reduce the "overbought" situation on the weekly and monthly charts. This is mainly achieved through time rather than price action, which is usually a bullish sign.
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