GOLD correction, nearest support level, main technical trend

8 JulDuring the European market trading session on Monday (July 8), spot gold tended to adjust significantly intraday since the 6-week high reached last week. The current gold price is about 2,372 USD/ounce, down more than 18 USD during the day.

Gold prices adjusted gently mainly due to the recovery in Bond Yields, with the 10-year US Bond Yield at 4,308 recovering 0.61% on the day. In addition, China's suspension of gold purchases for the second consecutive month in June put pressure on gold prices.

Official data released Sunday showed China's central bank's total gold holdings were unchanged at 72.8 million ounces as of the end of June.
In May, China's central bank decided to pause the increase in gold reserves, ending an 18-month gold buying spree that was seen as a support that had helped gold prices rise to record highs.
Currently, the market believes that the probability of the Federal Reserve cutting interest rates in September is 73.8%, slightly reduced from the 74% probability after the release of US nonfarm payroll data on Thursday. Six weeks ago, according to FedWatch data provided by CME group.

On the daily chart, as noted by readers in the previous issue, the current correction in gold prices has not yet reached the first support level at 2,364 USD and as long as gold remains above the level 2,364USD, the ability to adjust will still face many limitations.

Instead, the support level at $2,364 is noted as a near-term support level that could push gold prices further towards the original price point of $2,400.

In case the gold price continues to be sold below 2,364 USD, it has conditions to adjust further with a target level of about 2,340 USD, the price point of the 0.236% Fibonacci level.

However, in the overall technical picture, the technical trend of gold price is still more inclined towards the possibility of price increase with the following price points being noticed.
Support: 2,364 – 2,360USD
Resistance: 2,392 – 2,400USD

🪙SELL XAUUSD | 2411 - 2409

⚰️SL: 2415

⬆️TP1: 2404
⬆️TP2: 2399

🪙BUY XAUUSD | 2359 - 2361

⚰️SL: 2355

⬆️TP1: 2366
⬆️TP2: 2371

8 Jul

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9 Jul

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9 Jul

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9 Jul

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Fed's Powell: The latest labor market data sent a clear signal that the labor market has slowed considerably.

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9 Jul

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10 Jul

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10 Jul

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10 Jul

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➡️Despite Powell's supportive testimony... the US dollar is declining today!

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11 Jul

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🔴A member of the US Federal Reserve talks about global inflation and policy challenges

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13 Jul

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World gold prices decreased but still maintained the 2,400 USD/oz mark in the trading session on Friday (July 12) and completed the third consecutive week of increase thanks to expectations that the US Federal Reserve (Fed) will soon interest rate cuts. Some experts predict that gold prices could re-establish an all-time record in the next few days.