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GOLD → The market is ready to continue its decline

Gold OANDA:XAUUSD

RLinda

XAUUSD continues to form a descending price channel. On Thursday a candlestick pattern is formed indicating the imbalance of forces in favor of sellers.

This week is published quite a lot of interesting news. It is worth paying attention to:
15.08

• 1) Core Retail Sales (no data, the previous ones were bearish)
  
• 2) Retail Sales (expected to strengthen)
  

16.08

• 1) CPI (expected to decline)
  
• 2) FOMC Meeting Minutes
  

17.08

• 1) Initial Jobless Claims (no data, previous ones were bearish)
  
• 2) Fed MI
  

In general, bad indicators for the dollar may strengthen the interest in gold, but again, we should not forget that news is a complex trading instrument.

From a technical analysis perspective, gold is approaching the strong 1902-1900 liquidity area.
Last week's session is closing very close to local lows, which can be interpreted as the market's willingness to continue to gain momentum for further declines. A strong bearish trend dominates the market.
Local support: 1912.5, if this line is broken, an impulse to 1900 is possible, but a rebound should be expected from the mentioned support, most likely a rebound may follow during the news.

Support levels: 1912, 1902, 1900
Resistance levels: 1915, 1920, 1935
Gold continues to decline, and most likely, from the opening of the new week the price may continue to fall, but in the second half there may be a rebound and local contrend strengthening.

Regards R. Linda!
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Gold Retreats Below $1,920 Mark Amidst Rising US Yields

Gold OANDA:XAUUSD

FOREXN1

In a turn of events, the gleam of gold dulled as it slipped below the $1,920 threshold on Friday. The focal point of attention, the benchmark 10-year US Treasury bond yield, maintained its steady ascent, hovering above 4.1%. This surge in yields was spurred by the release of the July Producer Price Index (PPI) data, which outperformed expectations. As this data unfolded, the task of maintaining its stance became arduous for the XAU/USD, resulting in its slide.

The gold price (XAU/USD), like a warrior regrouping after a fierce battle, now finds itself on a temporary respite. An onslaught of selling pressure had driven it down, yet a glimmer of hope resides as investors wager that the United States Consumer Price Index (CPI) for July, though showing a modest uptick, may fall short of coercing the Federal Reserve (Fed) into a further interest rate hike come September. As the precious metal endeavors to reclaim lost ground, a crucial point emerges – the prospect of a significant upside is far from guaranteed. The prevailing concern among investors revolves around the specter of stubborn inflation, fueled by the ascent of rental prices.

The heartbeat of US inflation maintained a steady rhythm, with a 0.2% uptick as foreseen by astute investors. This aligned harmoniously with the Fed's prescribed inflation target of 2%. As the gold price embarks on a journey of resurgence, it is bolstered by a tempered surge in the US Dollar. This is in part due to the growing odds of a rate cut materializing in 2024. Notable figures within the Federal Reserve, including San Francisco Fed President Mary Daly, have joined the ranks of policymakers Patrick Harker and John Williams in paving the way for discussions regarding potential rate cuts in 2024. The ultimate decision hinges upon the evolution of the economic inflation landscape.

In this intricate dance of economic dynamics, gold navigates a treacherous path, its fortunes entwined with the ebb and flow of various factors. The retreat below the $1,920 watermark serves as a poignant reminder of the intricate balance that must be struck amidst the tides of rising US yields. As the landscape evolves, all eyes remain transfixed on the precious metal, its future trajectory uncertain yet promising, much like the broader economic narrative it is enmeshed within.

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XAUUSD

Gold OANDA:XAUUSD

Elaheh712

XAUUSD
please insert your comment.
do you agree with me?

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Metal Index is on the verge of breakout

NIFTY METAL NSE:CNXMETAL

avineesh22

Metal Index is showing strength, but all metal stocks are not participating. Index may breakout in coming days. Chart is self-explanatory. Market is in corrective/sideways mode so one should wait for complete confirmation before entering trade.

Originally posted here: https://ift.tt/30RQSfs