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Gold price today: slight increaseWorld gold price listed on Kitco is at 1,942 USD/ounce, up 8 USD/ounce compared to the early hours of yesterday morning. December gold futures last traded at $1,976.1 an ounce, up $7.3. According to some market analysts, the gold market may be struggling to find traction as inflation remains a major concern and could force the US Federal Reserve (Fed) to continue raising prices. interest rates after summer. Naeem Aslam, chief investment officer at Zaye Capital Markets, forecasts the gold market will continue to struggle as the latest data shows no clear clues as to the path of the next Fed tightening. The market will have to wait for inflation data to be released next week. He said that traders can stay on the sidelines until there are signs that inflation is trending down significantly.
FX:XAUUSD
by SupperTrading-FX
5
Gold before the Fed's decision to raise interest ratesOn the world market, spot gold on Kitco 5/8 traded at 1,942 USD/ounce. Gold price is maintaining at an important resistance level, in the context of the US labor market falling in July, inflationary pressure is still present. ANZ analysts said that the Fed's actions related to the view of adjusting interest rates in the near future could limit gold's rally. Gold is a safe investment asset chosen by many during times of economic uncertainty and geopolitical tension. However, high interest rates negatively affect gold. The key near-term support for gold is around $1,925 an ounce, said Kelvin Wong, senior market analyst at financial brokerage Oanda. If gold falls below this threshold, gold will be able to touch $ 1,895 / ounce.
TVC:GOLD
by SupperTrading-FX
6
Gold price today: the precious metal is flatThe current world gold price on Kitco is 1,934.7 USD/ounce, down 10.9 USD/ounce compared to the previous session. Within just two trading sessions, the price has dropped by more than 23 USD/ounce. The gold market is facing challenges due to inflation, a strong labor market and strong economic activity, supporting the Federal Reserve's aggressive monetary policies. Daniel Pavillonis, senior market strategist at RJO Futures, explained that the strength of the US dollar is keeping gold prices below $2,000 an ounce. The US dollar gained strength as the International Monetary Fund (IMF) recently raised its forecast for global economic growth in 2023. The IMF now predicts global gross domestic product (GDP) to increase by 3 %, up from the previous forecast of 2.8%. .
FX:XAUUSD
by SupperTrading-FX
5
GOLD TO TEST SUPPLY AT $1980Gold price is higher above $1970 during early New York trading session ahead of the Fed. Fed Powell’s speech will be crucial for gold buyers as 0.25% rate hike priced in. XAUUSD tested 1950 support and bounced yesterday which opened the path to $1970. However, a supply zone from May, around $1983 - 1987, appears a tough nut to crack for the XAUUSD bulls. We will be looking for Fed Powell press conference later today for trading opportunities.
OANDA:XAUUSDLong
by GOLDPIPSMAKER
GOLD Analysis 24July2023Last weekend Gold fell more than bullish trendline, it could be that at this time the price entered into the correction period. If you see, the price is held strong enough in the resistance area which in my opinion is also a liquidity area. Usually areas like this in the future will be pierced. Therefore, I try to add Elliot notation to this analysis chart, assuming that currently the correction period enters Wave 4, then the price will at least be stuck in SND which intersects with Wave 1 and then will continue bullish again
PEPPERSTONE:XAUUSD
by Hokusai_FX