Gold hesitates amid opposing market signals

23 Jul

• Gold prices (XAU/USD) struggled to gain during the Asian trading session Tuesday, although still above the lowest level of the past week. Joe Biden's withdrawal from the 2024 election has increased Donald Trump's chances, suggesting a looser regulatory environment. At the same time, the People's Bank of China (PBoC) unexpectedly cut interest rates on Monday, which supported upbeat market sentiment and created a drag on gold, a safe-haven precious metal. .
  

• Dovish Fed expectations also played an important role in limiting losses for gold. The market currently believes that the Fed will begin lowering interest rates in September and could cut twice more by the end of the year. These predictions have led to a decline in US bond yields, putting pressure on the dollar and thereby supporting the price of gold, a non-yielding asset.
  

• Against this backdrop, investors should cautiously wait for further sell-offs before positioning for an extended pullback from recent record highs. Uncertainty about monetary policy and global economic factors continue to strongly influence gold prices, and investment decisions should be based on careful analysis of the current situation.
  

Interesting price areas:

Buy zone: 2367 - 2365
Stop loss: 2361
Take profit 1: 2375
Take profit 2: 2385

Sell zone: 2418 - 2420
Stop loss: 2424
Take profit 1: 2410
Take profit 2: 2400

23 Jul

Catatan

Gold prices (XAU/USD) remain on the defensive, slightly below circular resistance at $2,400 during the European session on Tuesday. The precious metal remains under pressure amid solid speculation that Donald Trump could win the United States (US) presidential election in November.

23 Jul

Catatan

Gold recovered and traded above $2,400 on Tuesday after closing its fourth straight trading day in the negative on Monday. The pullback seen in US Treasury yields helps XAU/USD cling to modest daily gains despite the US Dollar's resilience.

24 Jul

Catatan

Gold prices are struggling to capitalize on the previous day's recovery from more than a week's low. The USD rose to its highest level in nearly two weeks on Wednesday and acted as a drag on the metal. A softer risk tone and dovish Fed expectations should limit the decline ahead of global PMIs.