GOLD recovers after correction, main causes, and trends

9 de jul.

XAUUSD Spot trading recovered after falling sharply on Friday, once approaching $2,350 and is now reported at $2,367/oz, a gain equivalent to 0.36% on the day as of press time.

Gold prices fell more than 1% in the US trading session yesterday (July 9), due to the rise of the US stock market and profit-taking activities of investors. In addition, China, the largest consumer of gold, did not buy gold; This is the second consecutive month this year that the Central Bank of China has not increased reserves. These are the main reasons for the expectation of a downward adjustment in gold prices sent to you in yesterday's and Sunday's editions.

Official data released Sunday showed China's central bank's total gold holdings remained unchanged at 72.8 million ounces as of the end of June.
In May this year, China's central bank decided to temporarily stop increasing gold reserves, ending an 18-month gold purchase period. When China's central bank released data on buying pauses in May.

Last week's US nonfarm payrolls data showed a weak labor market, reinforcing expectations that the Federal Reserve is about to start cutting interest rates. The market currently predicts a 77.1% chance of the Federal Reserve cutting interest rates in September.

Investors this week will focus on Federal Reserve Chairman Powell's semi-annual congressional testimony, a series of speeches by Fed officials and US CPI data released on Thursday.

Analysis of technical prospects for XAUUSD
On the daily chart, Gold is recovering slightly after a downward correction yesterday and overall the correction in gold prices is still limited.

During the term, the price area around $2,364 will still be the closest support, and even if gold moves below this level it will be limited by the confluence of EMA21 support and the 0.236 Fibonacci retracement level. %, the price area is about 2,340 - 2,345USD.

The relative strength index (RSI) points up but is still far from the overbought level, showing that there is still room for price growth. Technically and intraday the trend of gold prices leans more towards conditions for bullish expectations.

Technical points will be noted again as follows.
Support: 2,364 – 2,345 – 2,340USD
Resistance: 2,377 – 2,392 – 2,400USD

🪙SELL XAUUSD | 2373 - 2371

⚰️SL: 2377

⬆️TP1: 2366
⬆️TP2: 2361

🪙BUY XAUUSD | 2341 - 2343

⚰️SL: 2337

⬆️TP1: 2348
⬆️TP2: 2353

9 de jul.

Trade fechado: objetivo atingido

SELL XAUUSD Close Full Hit TP2 + 100pips 🗡

9 de jul.

Nota

🟢US Treasury Secretary Yellen: I am not aware of any discussions among Treasury secretaries regarding activating the 25th Amendment.

10 de jul.

Nota

World gold prices increased slightly on Tuesday (July 9) in the context of a firm USD and US Treasury bond yields inching up, as investors waited for the US to announce new inflation data this week. This is to be able to have a clearer direction on the path of interest rates.

10 de jul.

Nota

10 de jul.

Nota

🟢Goldman Sachs predicts when the US Federal Reserve will cut interest rates

Analysts at the US investment bank Goldman Sachs expressed, on Wednesday, their optimism regarding the US Federal Reserve’s interest rate cuts that will be decided by the Federal Open Market Committee during the coming period.

10 de jul.

Nota

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

The US dollar index fell near its lowest levels in three weeks, today, Wednesday, despite US Federal Reserve Governor Jerome Powell’s supportive statements regarding interest rates, but the decline in US bond yields led to a weak performance of the US dollar, amid anticipation of the second and final day of Jerome’s testimony. Powell before Congress.

11 de jul.

Nota

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

Lisa Cook, a member of the Federal Reserve Board, delivered an important speech on “Global Inflation and Monetary Policy Challenges” during the 2024 Australian Conference of Economists, held on Thursday evening. In her remarks, Cook noted that inflation in the United States is expected to continue to decline without a significant impact on... Unemployment rate, according to a Reuters report.

12 de jul.

Nota

The monthly producer price index, a measure of prices received by producers of domestic goods and services, rose 0.2% during the month. Economists were looking for an increase of just 0.1%, while the previous reading had recorded a decline of 0.2% in May.

On an annual basis, the index recorded an increase of 2.6% compared to June, and in May it recorded 2.4%, while experts expected a recording of 2.3%.

13 de jul.

Nota

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.