Gold prices continue to decline this week due to previous information. The market expects gold to trade around $1,950 for the rest of the summer as solid economic growth supports expectations that the Fed will maintain a hawkish stance until the end of the year.
However, experts remain optimistic about the long-term prospects of the precious metal. The recent WGC report suggests that there is a chance for gold prices to rise in the second half of 2023.
However, experts remain optimistic about the long-term prospects of the precious metal. The recent WGC report suggests that there is a chance for gold prices to rise in the second half of 2023.
Note
The central bank's gold demand reached a record high, indicating the significance of gold as a safe haven asset amidst global political tension and challenging economic conditions. Despite a slower growth rate in Q2, the central bank's trend of purchasing gold has controlled the gold market.Note
🕯 SELL GOLD | 1950 - 1953🔴 SL: 1958
🟢 TP1: 1942
🟢 TP2: 1932
🕯 BUY GOLD | 1923 - 1926
🔴 SL: 1918
🟢 TP1: 1933
🟢 TP2: 1940
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⭐️Plan to BUY Runnings + 40pips 💲💲💲Trade active
⭐️Plan to BUY Runnings + 70pips 💲💲💲Note
Yesterday, the gold price dropped to $1,923, which is also the Fibo 61.8 Demand Zone. It then had a correction to $1,932 but weakened again, forming lower lows. This could lead to further price declines today, especially if it closes below the EMA200. The H1 chart shows a continuous downtrend along the Trendline. The current key level is $1,932xx and needs to be broken.Note
🟢Gold reverses its losses as inflation in America rose less than expected.Note
World gold price continued its downtrend, USD rose again after US inflation data.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.