Daily Price Outlook

• Gold prices have resumed their downward trend, currently hovering near the EMA50 and expecting further declines towards $1,945.20.
• Breaking $1,977.25 could reverse the bearish trend and pave the way for a potential recovery towards the main bullish trend.
• For today's trading, support is expected around $1,935.00, while resistance is projected at $1,970.00.

Gold prices have returned to their downward trajectory after a temporary uptick in recent sessions. The market is now hovering around the EMA50, anticipating further declines with an initial test of $1,945.20.

It's worth noting that a breakthrough at this level would pave the way for a visit to the next correctional level at $1,913.15.

The current positivity in the Stochastic indicator explains the current sideways movement, awaiting a shift to negative momentum that would support the resumption of the expected bearish wave.

However, if the price manages to breach $1,977.25, it would halt the correctional bearish trend and potentially set the stage for a recovery towards the main bullish trend.

In terms of today's expected trading range, support is anticipated around $1,935.00, while resistance is projected at $1,970.00.

GOLD Price Chart – Source: Tradingview

GOLD (XAU/USD) Trade Idea

Entry Price –– Sell Below 1958

Stop Loss – 1970

Take Profit – 1940

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$1800/ -$1200

Profit & Loss Per Micro Lot = +$180/ -$120

Daily Price Outlook

As the new week kicks off, the price of gold is taking a little dip and showing a slight negative bias, grooving just below the $1,955 mark ahead of the European session.

This dance move comes as the US Dollar (USD) takes the spotlight, benefiting from the Federal Reserve’s (Fed’s) recent suggestion that borrowing costs might need to climb up to 50 basis points (bps) by the year’s end.

The USD is gaining momentum for the second consecutive day, with the USD Index (DXY) trying to build on its Friday recovery from a month-long low. This upbeat performance puts some pressure on gold, denominated in US dollars and tends to move inversely to the USD.

But that’s not all, folks! The gold party faces more skeptics as major central banks strike a more cautious tone. The Reserve Bank of Australia (RBA) and the Bank of Canada (BoC) unexpectedly raised interest rates by 25 basis points this month, shaking up the dance floor.

And guess what? The European Central Bank (ECB) joined the dance party by increasing rates by 25 basis points, the most in 22 years! They expect these rate hikes to tame inflation and keep future moves in check.

So, while gold takes a little dip and does some fancy footwork, it’s essential to keep an eye on the USD and those central banks’ moves. Will gold find its rhythm and make a comeback, or will it continue its smooth slide?

Stay tuned to see how this dance unfolds and impacts the gold price.

GOLD Price Chart – Source: Tradingview

Gold – Technical Analysis

Gold prices have returned to their downward trajectory after a temporary uptick in recent sessions. The market is now hovering around the EMA50, anticipating further declines with an initial test of $1,945.20.

It’s worth noting that a breakthrough at this level would pave the way for a visit to the next correctional level at $1,913.15.

The current positivity in the Stochastic indicator explains the current sideways movement, awaiting a shift to negative momentum that would support the resumption of the expected bearish wave.

However, if the price manages to breach $1,977.25, it would halt the correctional bearish trend and potentially set the stage for a recovery towards the main bullish trend.

In terms of today’s expected trading range, support is anticipated around $1,935.00, while resistance is projected at $1,970.00.

Daily Price Outlook

Gold prices experienced a notable increase, with rising open interest and volume suggesting the potential for further upside in the near future. However, to break out of the current consolidation phase, bullion needs to surpass the monthly resistance level of around $1980 per troy ounce.

The price of gold (XAU/USD) is currently struggling to maintain its recovery from a three-month low as investors seek additional confirmation amid uncertainties surrounding an upcoming rate hike in July. Mixed US data and traders’ skepticism about the Fed’s rate hike plans pose challenges for gold bulls.

Concerns over a potential stall in China’s economic recovery, despite the nation’s efforts to expedite major projects, are putting downward pressure on the gold price.

Furthermore, the cautious atmosphere ahead of mid-US data and Fed Chair Jerome Powell’s upcoming testimony adds to the challenges faced by XAU/USD optimists, especially considering this week’s central bank actions.

On Friday, the gold price remained steady above the $1,955 level, trading within a tight range during the Asian session. It is currently comfortably situated within the trading range observed in recent weeks.

The bearish US dollar is supporting the gold price, as expectations of the Federal Reserve nearing the end of its rate-hiking cycle dampen the dollar’s progress.

This has led to a decline in US Treasury bond yields, weighing on USD bulls and potentially bolstering the price of gold denominated in US dollars. However, given the more pessimistic outlook adopted by major central banks, significant upward movement still appears challenging.

GOLD Price Chart – Source: Tradingview

Gold – Technical Analysis

Gold prices are currently near the resistance level of a bearish correctional channel, and the Stochastic indicators suggest that the market is overbought. This indicates a possible shift in momentum towards the downside, potentially leading to a bearish rebound and continuation of the overall downtrend. A break below the $1,945.20 level would confirm the bearish scenario, with the next target around $1,913.15.

Given these factors, our outlook for gold remains bearish in the near future. However, if gold manages to consolidate above $1,956.50, it could experience short-term gains and test a significant resistance level at $1,977.25 before any potential decline.

For today’s trading, we anticipate a range between the support level of $1,935.00 and the resistance level of $1,970.00.

Daily Price Outlook

• Gold prices approach resistance in bearish channel, potential for bearish rebound.
• Confirmation of bearish scenario if gold breaks below $1,945.20, targeting $1,913.15.
• Bearish outlook maintained, but consolidation above $1,956.50 may lead to short-term gains and test resistance at $1,977.25.

Gold prices are currently hovering near the resistance of a correctional bearish channel. Stochastic indicators show signs of overbought conditions, indicating a potential negative shift in momentum.

This could lead to a bearish rebound and continuation of the overall downtrend. Breaking below the $1,945.20 level would confirm the bearish scenario, with the next target around $1,913.15.

Considering this, our outlook remains bearish for the foreseeable future. However, if gold consolidates above $1,956.50, it could experience short-term gains and test a significant resistance level at $1,977.25 before any potential decline.

Today’s expected trading range is between $1,935.00 support and $1,970.00 resistance.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1960

Stop Loss – 1975

Take Profit – 1945

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$1500/ -$1500

Profit & Loss Per Micro Lot = +$150/ -$150

Daily Price Outlook

• Gold prices ended yesterday with a clear decline, breaking below $1,945.20 and confirming the bearish trend.
• To reverse the current negative pressure, gold would need to surpass $1,945.20 and $1,958.40 levels, potentially shifting towards a bullish trend.
• The expected trading range for today is between the support level at $1,915.00 and the resistance level at $1,950.00.

Gold prices ended on a sour note yesterday, breaking below the level of $1,945.20 and settling below it once again. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the potential for the price to target our next downside objective at $1,913.15.

The bearish channel remains in control, orchestrating the anticipated downward movement and finding steady support from the EMA50 indicator.

It’s worth noting that if gold manages to break above the levels of $1,945.20 and $1,958.40, it could alleviate the current selling pressure and set the stage for a potential attempt to regain the primary bullish trend.

In terms of trading expectations for today, the anticipated range is between the support level at $1,915.00 and the resistance level at $1,950.00. Traders will be keeping a close eye on these levels to gauge the price action in the market.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price –1950

Take Profit – 1923

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1400/ -$1300

Profit & Loss Per Micro Lot = +$140/ -$130

Daily Price Outlook

Gold prices (XAU/USD) reached a three-month low as investors sought refuge in the Federal Reserve's hawkish stance and disappointing economic data from China.

Despite keeping the interest rate unchanged at 5.0–5.25%, the US central bank signaled a shift in its policy, putting an end to the series of rate hikes.

The market reacted to the positive economic projections and remarks from Jerome Powell during the July meeting, which impacted the XAU/USD pair.

Meanwhile, weaker retail sales and industrial production figures from China, combined with higher US Treasury bond yields, provided some optimism for gold bears.

However, the Federal Reserve's cautious approach to data and the rate cut by the People's Bank of China kept the XAU/USD pair uncertain.

Gold Prices Experienced a Decline, Testing the $1940 Area On

Wednesday. However, the decrease was accompanied by declining open interest and volume, indicating that a prolonged decline is unlikely at the moment. The $1930 per troy ounce level has proven to be strong support for gold.

For the fifth consecutive day, gold prices faced selling pressure on Thursday, nearing the May low during the Asian session.

GOLD Price Chart – Source: Tradingview

Gold - Technical Analysis

Gold prices ended on a sour note yesterday, breaking below the level of $1,945.20 and settling below it once again. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the potential for the price to target our next downside objective at $1,913.15.

The bearish channel remains in control, orchestrating the anticipated downward movement and finding steady support from the EMA50 indicator.

It's worth noting that if gold manages to break above the levels of $1,945.20 and $1,958.40, it could alleviate the current selling pressure and set the stage for a potential attempt to regain the primary bullish trend.

In terms of trading expectations for today, the anticipated range is between the support level at $1,915.00 and the resistance level at $1,950.00. Traders will be keeping a close eye on these levels to gauge the price action in the market.

Daily Price Outlook

• Gold prices closed below the $1945.20 level, indicating a potential continuation of the bearish trend towards the target of $1913.15.
• Temporary upward movement may occur due to positivity in the Stochastic indicator, but a resumption of the negative price action is expected towards the target.
• The trading range for today is expected to be between the support level of $1930.00 and the resistance level of $1960.00.

Gold prices concluded the previous daily candlestick below the $1945.20 level, indicating the potential continuation of the ongoing corrective bearish trend in the short-term and intraday perspectives. This suggests a possible move towards our next target at $1913.15.

Although there is some temporary upward movement due to the current positivity in the Stochastic indicator, we anticipate a resumption of the negative price action towards the aforementioned target.

It is important to note that if there is consolidation above $1945.20, the price may experience intraday gains and test the levels of $1963.00 and possibly extend to $1977.25 before any renewed attempt to decline.

The expected trading range for today is anticipated to be between the support level of $1930.00 and the resistance level of $1960.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Ideas

Entry Price – Buy Above 1940

Stop Loss – 1930

Take Profit – 1955

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

On Wednesday, gold experienced a modest recovery near the 100-day simple moving average (SMA) and partially recovered from the previous day’s decline to the weekly low.

As we enter the European session, XAU/USD maintains slight intraday gains, currently trading slightly above the $1,945 level. However, it remains within the range it has been trading in for the past three weeks.

The expectation of a pause in the Federal Reserve’s rate-hiking cycle provides support to the gold price. Soft consumer inflation data from the United States, released on Tuesday, confirmed market expectations of a potential pause in the Fed’s rate hikes, which has been seen as a supportive factor for gold.

The Consumer Price Index (CPI) showed minimal increase in May, with the year-over-year rate slowing down.

Despite the lower-than-expected inflation numbers, the annual inflation rate of 4.0% still suggests a potential for further Fed policy adjustments.

GOLD Price Chart – Source: Tradingview

Gold – Technical Analysis

Gold prices concluded the previous daily candlestick below the $1945.20 level, indicating the potential continuation of the ongoing corrective bearish trend in the short-term and intraday perspectives. This suggests a possible move towards our next target at $1913.15.

Although there is some temporary upward movement due to the current positivity in the Stochastic indicator, we anticipate a resumption of the negative price action towards the aforementioned target.

It is important to note that if there is consolidation above $1945.20, the price may experience intraday gains and test the levels of $1963.00 and possibly extend to $1977.25 before any renewed attempt to decline.

The expected trading range for today is anticipated to be between the support level of $1930.00 and the resistance level of $1960.00.

Daily Price Outlook

Gold price managed to stop its downward momentum and experienced a slight increase on Tuesday, following a decline in the previous two days. However, the price remained within a limited range as traders awaited crucial U.S. inflation data and upcoming central bank meetings.

As of now, the XAU/USD is hovering around the $1,960 mark, showing a modest gain of over 0.20% for the day.

US Dollar Weakens as Market Expects Pause in Fed’s Monetary Policy Tightening, Boosting Gold Prices

The broad-based US Dollar has been facing pressure and dropped on the day as the market expects the Federal Reserve to pause its monetary policy tightening. This has had a positive impact on the price of Gold.

This can be witnessed by the fact that traders are increasingly anticipating that the Fed will keep interest rates unchanged following their upcoming two-day meeting.

However, the cautious comments from Fed officials have reinforced this sentiment. As a result, the US Dollar lost its strength, providing support for the price of Gold.

Market Awaits Fed’s Decision, Concerns Remain on Inflation and Strong Job Market

Investors were eagerly anticipating the outcome of a highly anticipated two-day Federal Reserve meeting scheduled for Wednesday. Most of them expected the central bank to take a break from increasing interest rates.

However, some concerns were lingering among investors due to the persistently high inflation, which remained above the Federal Reserve’s target of 2%. Besides this, the job market in the U.S.

was showing robust strength. These factors made investors more cautious, as they were wary of any unexpected signals that the Fed might lean towards raising interest rates further.

This week, we can expect interest rate decisions from the Bank of Japan and the European Central Bank. It is worth noting that European Central Bank is likely to increase rates, while the Bank of Japan is expected to keep its policy loose, meaning it won’t make any changes to interest rates.

When interest rates increase, it generally has a negative impact on non-yielding assets like gold. As global monetary conditions tighten, gold is facing new pressure.

Busy Week Ahead with Key Economic Events and Central Bank Meetings

This week is going to be busy, starting with the release of the latest US consumer inflation data. However, the stronger reading could lead to expectations of a more aggressive stance from the Federal Reserve, which will announce its policy decision on Wednesday.

In the meantime, European Central Bank (ECB) is also meeting on Thursday and is expected to increase its benchmark interest rates. The Bank of Japan (BoJ) is likely to maintain its loose policy.

Apart from this, the ongoing concerns about a global economic slowdown, especially in China, might support the safe-haven appeal of gold and discourage major declines.

GOLD Price Chart – Source: Tradingview

Gold – Technical Analysis

Gold is currently experiencing a bullish trend, bouncing off the support level around $1950 and trading around $1963. On the four-hour timeframe, gold has formed a symmetrical triangle pattern, indicating support at $1950 and resistance at $1970.

The metal is consolidating within this range, and a breakout will determine its future price action. If gold breaks above $1970 and closes above this level, it is likely to continue trading on the bullish side, targeting $1985 or higher.

On the other hand, a break below the support level at $1952 could lead to further downside towards the next support levels at around $1938. It is important to monitor this trading range for further price direction.

Daily Price Outlook

• Gold is currently in a bullish trend, bouncing off the $1950 support level and trading around $1963.
• A symmetrical triangle pattern has formed on the four-hour timeframe, with support at $1950 and resistance at $1970.
• A break above $1970 could lead to further upside towards $1985 or higher, while a break below $1952 may result in downside towards support levels around $1938.

Gold is currently experiencing a bullish trend, bouncing off the support level around $1950 and trading around $1963. On the four-hour timeframe, gold has formed a symmetrical triangle pattern, indicating support at $1950 and resistance at $1970.

The metal is consolidating within this range, and a breakout will determine its future price action. If gold breaks above $1970 and closes above this level, it is likely to continue trading on the bullish side, targeting $1985 or higher.

On the other hand, a break below the support level at $1952 could lead to further downside towards the next support levels at around $1938. It is important to monitor this trading range for further price direction.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1955

Stop Loss – 1948

Take Profit – 1970

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1500/ -$700

Profit & Loss Per Micro Lot = +$150/ -$70