Gold prices fell due to pressure from China's newly announced July import and export data, which fell lower than expected. Accordingly, the export of sewing needles in July of the world's second largest economy decreased by 14.5% compared to expected, lower than the same period last year. This is also the sharpest drop since February 2020.
Similarly, China's July imports also fell 12.4% in the same period, which may prompt the Chinese central bank to soon take monetary stimulus measures.
In addition, the recovery of the single dollar when crude oil prices fell in the session on August 8 is also putting pressure on gold prices. US, Asian and European stock indexes all fell in the night session of July 8. The gold market is currently moving with the focus on US and China development index reports, which are expected to be released soon this week.
Similarly, China's July imports also fell 12.4% in the same period, which may prompt the Chinese central bank to soon take monetary stimulus measures.
In addition, the recovery of the single dollar when crude oil prices fell in the session on August 8 is also putting pressure on gold prices. US, Asian and European stock indexes all fell in the night session of July 8. The gold market is currently moving with the focus on US and China development index reports, which are expected to be released soon this week.
✅ TP1: 1927
✅ TP2: 1923
🛑 SL: 1938