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XAUUSD : Gold is looking for a direction to create a new peakAfter a sharp decline, gold prices today increased again, fluctuating around 2,369 USD/oz when the Fed Chairman did not comment on reducing interest rates, and global investment funds increased the amount of gold held. Fed Chairman Jerome Powell told a Senate committee that the economy remains strong. However, he did not make any comments about cutting interest rates, increasing expectations that the Fed will reduce interest rates in September. Accordingly, the USD's upward momentum slowed down, benefiting gold prices today. .
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold is increasingly unpredictableXAU/USD has been on the rise since late June, reaching a peak of $2,390 on Friday, representing a 4% gain. This is mainly due to the USD falling by 1%, as gold prices are often more volatile than the USD. Weak jobs data pushed gold prices up on Friday, weakening the dollar and bringing the timing of an interest rate cut closer. However, it is worth noting that gold decreased by 0.8% immediately after the release of the report. The market's subsequent reaction was of the "good for evil" variety: labor market weakness increased expectations of an early interest rate cut, which boosted risk appetite. However, this is a very difficult trend to sustain, because not all negative factors in the macroeconomy reduce inflation. On the contrary, we see wage growth (4.1% over the same period last year) is still higher than inflation (3.3%). At the same time, hiring figures from previous months were revised downward, and the unemployment rate reached a 31-month high. However, it is likely that gold prices will continue to be under pressure. The 50-day MA at $2,340 is considered the first signal mark. If this zone is broken without resistance from buyers, XAU/USD could quickly retreat to the $2,300 zone, a key level to determine the trend in the coming months. A drop below this level would be considered a break in the uptrend since October, when the Fed first signaled its readiness to cut interest rates.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold is rotating above the old peakWorld gold is fluctuating around 2,363 USD/oz. World gold prices "evaporated" in the context of technology stocks in the US rising sharply. Accordingly, investors focus their capital on stocks, causing cash flow into this precious metal to be limited, causing a disadvantage for gold prices today. On the other hand, after the gold price increased sharply to 2,391 USD/oz, many investors quickly took profits, especially in May and June 2024, China had 2 consecutive months of not buying gold. This week, the market's attention will be focused on Fed Chairman Jerome Powell's statement in testimony before Congress and US inflation data scheduled for release on July 11.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will return to its old peak within the weekWorld gold is fluctuating around 2,395 USD/oz. The world gold market will likely be more exciting this week after escaping the gloom for a long time. The price of this precious metal is expected to be affected by Fed Chairman Jerome Powell's statement at his testimony before Congress, growth data for June, weekly unemployment claims, index reports US producer prices and preliminary survey results on consumer sentiment by the University of Michigan. Currently, optimism is covering the gold market, as recent data shows cracks in the US economy, the US labor market is increasingly weakening and inflation is decreasing. All the data reinforces the possibility that the Fed will soon introduce monetary policy easing and lower interest rates, which should support the price of the precious metal gold.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold will be strong and have new peaksGold prices have soared this year - hitting a record in May - due to central bank purchases, while policymakers in countries including India, China and Singapore is looking to diversify its reserves. The precious metal is also supported by geopolitical tensions and bets that the US Federal Reserve will start cutting interest rates as inflation cools. Christopher Wong, strategist at Oversea-Chinese Banking, said "the possibility of gold prices falling should not be ruled out" following the PBOC data. "But it is not unusual for China to temporarily stop buying gold, because gold prices have increased quite sharply." According to data released on Sunday, the amount of gold bullion held by the PBOC was unchanged at 72.8 million troy ounces at the end of last month. The PBOC decided not to add to reserves in May, ending an 18-month net purchase. According to Krishan Gopaul, an analyst at the World Gold Council (WGC), the Reserve Bank of India added more than 9 tons of gold in June, based on weekly data. This is the highest figure since July 2022 and it shows that India's gold reserves have increased by 37 tonnes to 841 tonnes this year. Gold prices fell 0.3% to 2,385.55 USD/ounce at 10:40 a.m. in Singapore. The DXY index remained unchanged. Silver prices held above $31 an ounce after rising more than 7% last week, while palladium and platinum fell. According to Charu Chanana, a strategist at Saxo Capital Markets in Singapore, it is possible that rising gold prices have prevented the PBOC from buying. However, she said gold could still rally further amid growing expectations of the Fed's monetary easing policy this year, as well as ongoing geopolitical risks.
TVC:GOLD
by SantaTradeGold
XAUUSD:Gold will continue to climb to the top in the near futureAccording to experts, precious metal prices have just gained momentum after the speech of the Chairman of the US Federal Reserve (Fed). Mr. Jerome Powell said that US inflation has cooled down. Experts and investors are increasing expectations that the Fed will soon begin a cycle of lowering interest rates. According to Bloomberg, excessive spending by the US government and increasing geopolitical instability have prompted large investors to buy gold to hedge against public debt risks. Mr. Johanna Kyrklund, chief information officer of Schroders Group, said that the market today faces many risks related to geopolitics and inflation, supporting gold - a safe haven asset.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold trades around $2,350 to $2,365In this morning's trading session, world gold prices rose to their highest level in nearly two weeks around 2,360 USD/ounce. Due to rising expectations that the Federal Reserve will cut interest rates in September, after recent US data showed a weakening labor market. Ricardo Evangelista, senior analyst at ActivTrades, said: "Today's rise in gold prices is related to the weakening of the USD after Fed Chairman Jerome Powell admitted in public that inflation in the US is finally starting to move in the right direction."
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will fluctuate strongly at the end of the weekWorld gold prices fluctuated around 2,329 USD/ounce in the first trading hours of the Asian session. Gold prices this week are forecast to be volatile as the market receives a series of important data, including employment data and minutes of the June FOMC meeting. In his latest statement, Mr. Powell still emphasized his view that the US Central Bank will need more data before making a decision to cut interest rates to ensure that inflation is falling sustainably towards the target mark. Michele Schneider - chief strategist of MarketGauge, commented that world gold prices are stable amid many risks. However, inflation, geopolitical tensions and the US government's budget deficit are increasing, which firmly supports gold prices.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold will break out strongly in the futureGold prices increased slightly on Monday (July 1), with the market's focus shifting to US jobs data scheduled for release later this week, which could provide more signals about the The US Federal Reserve (Fed) lowered interest rates. At the end of the trading session on July 1, the spot gold contract increased 0.2% to 2,329.79 USD/oz. Gold prices jumped more than 4% in the second quarter of 2024. “We are seeing some short-covering activity by short futures traders and bargain hunters in the money markets,” said Jim Wyckoff, Senior Market Analyst at Kitco Metals. face. The market is also being supported by rising oil prices and a weakening USD." U.S. manufacturing activity fell for a third straight month in June and a measure of the prices factories pay for inputs fell to a six-month low amid weak demand for goods. see inflation may continue to decline. This week, the market will focus on Fed Chairman Jerome Powell's comments on July 2, followed by the minutes of the central bank's latest policy meeting on July 3 and the U.S. jobs report. America on July 5. Data last week showed US inflation was unchanged in May, while consumer spending rose moderately. The market predicts a 64% probability that the Fed will lower interest rates in September as well as another interest rate cut in December 2024.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold finds old peak at 2365$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.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will break out in the near futureWorld gold prices fluctuated around 2,325 USD/ounce in the first trading hours of the Asian session. Last week, the gold market continued to move slowly and steadily, as the yellow metal once again traded within a narrow range between 2,300 and 2,340 USD/ounce. Gold prices are expected to be volatile this week as the market receives a series of important data, including employment data and June meeting minutes. MarketGauge's chief strategist - Michele Schneider said that world gold prices are stable amid many risks. However, inflation and the US Government's budget deficit are increasing, which firmly supports gold prices. According to this expert, gold prices tend to increase in the long term if the support level of 2,300 USD/ounce is maintained.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold recovered strongly this weekGold prices are becoming unpredictable in the coming days, with many mixed views from analysts and investors, according to Kitco's gold price trend survey results next week. Specifically, in a survey on Wall Street, 12 analysts responded, of which 33% thought gold prices would continue to increase, 17% thought gold prices would decrease and up to 50% predicted gold prices. across. In the online survey on Main Street, 178 investors responded, with 48% predicting gold prices to increase, 28% predicting gold prices to decrease and up to 24% predicting gold prices to decrease. horizontal. Next week, investors will continue to wait for information related to the US macroeconomy to be released, after last weekend's information showed that inflation in the US cooled down, reinforcing expectations about the Federal Reserve's announcement. The US Federal Reserve (FED) may cut operating interest rates in the second half of this year. This will positively impact the increase in gold prices.
TVC:GOLD
by SantaTradeGold
GOLD : Gold is looking forward to today's dataMarket analysts forecast positive numbers for the May report. Expect the cost of goods and services to increase at an annual rate of 2.6%, down slightly from April's 2.7%. More importantly, core PCE is expected to fall to 2.6% (on an annual basis) in May, from 2.8% in April. If these forecasts come true, it would signal a further reduction in inflationary pressures. , bringing the economy closer to the Fed's 2% inflation target. Fed officials, including Chairman Jerome Powell, have repeatedly emphasized the need for a sustained positive economic data trend before considering a change in monetary policy. In the recent press conference of the Federal Open Market Committee (FOMC), Mr. Powell reaffirmed this view: "We have stated that reducing the federal funds rate target range will not be appropriate until when we have greater confidence that inflation is moving towards 2% sustainably." The market's growing confidence in the Fed's ability to change policy is reflected in the probability of cutting interest rates. CME's FedWatch tool currently shows that there is only a 35.9% chance that the Fed will keep current interest rates unchanged (from 5.25% to 5.50%) through September. This is a significant change in market sentiment, down from 37.7% just one day ago and 50.2% a month ago. This trend shows growing optimism about when the Fed will move toward normalizing interest rates. On Thursday afternoon, 6:00 pm ET, the August gold futures contract was trading actively, soaring 28.90 USD (equivalent to 1.25%) to 2,338.70 USD/oz. Although a weaker USD provided some support, the main driver of the rally was bullish market sentiment centered on expectations for Friday's PCE report.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold increased slightly after two days of declineUS economic data on June 27 was not very positive: the number of applications for unemployment benefits reached the highest level since November 2021, the number of durable goods orders showed a bad signal for Q2 GDP, sales Pending home sales hit a record low, and finally, the Kansas Fed's manufacturing activity stagnated for the 21st straight month. World gold prices are slightly decreasing, fluctuating around 2,320 USD/ounce. XAU/USD had a positive trading session, rising more than $30 to $2,329 an ounce on Thursday. World gold prices have recovered from their lowest level in 2 weeks thanks to the weakening of the USD, after a series of data showed that the US economy is slowing down, reinforcing expectations of lowering interest rates by the Fed. The market is currently paying attention to important US inflation data today for more clues about the Fed's interest rate path.
OANDA:XAUUSD
by SantaTradeGold