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Gold prices brace for biggest weekly decline in five

GOLD (US$/OZ) TVC:GOLD

Shinobi_Pips

Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five.

Spot gold was up 0.3% at $1,951.19 per ounce by 0249 GMT, after earlier hitting its lowest level since July 12 and ending 1.4% lower in the previous session. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23.

U.S. gold futures rose 0.2% to $1,950 per ounce.

The higher drift in gold prices lacks conviction as there is still indecision at play in the lead-up to the upcoming Bank of Japan meeting as chatters that it will discuss tweaking its yield curve control policy has kept market participants on their toes, said Yeap Jun Rong, a market strategist at IG.

GOLD BUY 1949 - 1951

✅ TP1: 1957
✅ TP2: 1962

❌ SL: 1943

Originally posted here: https://ift.tt/8OcJsuB

Gold Price Forecast: XAU/USD falls below the 100-SMA as US yields surge - FXStreet

Gold Price Forecast: XAU/USD falls below the 100-SMA as US yields surge  FXStreet

source https://news.google.com/rss/articles/CBMicWh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2dvbGQtcHJpY2UtZm9yZWNhc3QteGF1LXVzZC1mYWxscy1iZWxvdy10aGUtMTAwLXNtYS1hcy11cy15aWVsZHMtc3VyZ2UtMjAyMzA3MjcyMDQy0gF1aHR0cHM6Ly93d3cuZnhzdHJlZXQuY29tL2FtcC9uZXdzL2dvbGQtcHJpY2UtZm9yZWNhc3QteGF1LXVzZC1mYWxscy1iZWxvdy10aGUtMTAwLXNtYS1hcy11cy15aWVsZHMtc3VyZ2UtMjAyMzA3MjcyMDQy?oc=5

data:image/svg+xml,%3Csvg%20xmlns=%22https://ift.tt/INXoQg2

XAU/USD 28/07:

Gold/U.S. Dollar FX:XAUUSD

Phenol_fx

XAUUSD Gold is hovering around the 20-Day Simple Moving Average, at $1945. A clear daily close below will add to the negative outlook. Conversely, if it tries to sustain above, XAU/USD might continue to move sideways. A solid break above $1980 will bring control to the bulls.

Support levels: 1,942 1,932 1.915

Resistances: 1,953 1,966 1,974

The main strategy for today is selling around 1955. My expectation is 1950 and beyond. This is the weekend I wish everyone a lot of profit

Originally posted here: https://ift.tt/HomYyZe

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Gold Prices Rally Ahead of Fed Rate Decision

Gold OANDA:XAUUSD

ForexGlobal

Gold Prices Surge Ahead of Anticipated FOMC Rate Decision

Gold prices have experienced a rally in the past 24 hours in anticipation of the Federal Reserve's FOMC rate decision on Wednesday. Chairman Jerome Powell and the committee are widely expected to raise benchmark lending rates to a range of 5.25% - 5.50%, continuing the monetary tightening cycle after a previous pause. The US economy has shown resilience during this period of rate hikes.

The Citi Economic Surprise Index for the United States, currently at 70.30, indicates that economic data has been generally outperforming expectations. While headline inflation has eased without significant impact on unemployment, core CPI readings (excluding food and energy prices) remain sticky. This suggests the Fed may continue tightening if needed, as the fight against inflation is not considered over.

Expectations of a pivot away from tightening, which arose after the collapse of Silicon Valley Bank in March, are likely to be tempered, given the economy's relatively stable performance. While there is a weak consensus for a further rate hike to 5.50% - 5.75% by year-end, financial markets have mostly priced out the possibility of rate cuts this year.

As the Fed appears reluctant to hint at easing and is focused on maintaining tight policy, Treasury yields are expected to remain strong. This could be challenging for gold, which does not offer yield. XAU/USD is currently at a similar level to July 2020, raising questions about its role as an inflation hedge.

XAUUSD SELL 1969- 1971 🕯🕯

✅ TP1: 1964
✅ TP2: 1959
✅ TP3: 1954

❌ SL: 1975

Originally posted here: https://ift.tt/EFro5Nn