Gold price today 17/7: Gold buying increased sharply

Updated

On the world gold market, spot gold price closed last week in the US down 5.7 USD to 1,954.3 USD/ounce. In the Asian session this morning, gold price continued to adjust slightly to 1,952.1 USD/ounce.

Gold futures for August delivery on the Comex New York exchange rose slightly by $0.6, or 0.03%, to $1,964.4 an ounce.

The gold market will remain very sensitive to the Federal Reserve's interest rate outlook, according to analysts.

Note

World gold price on the first day of the week tended to decrease with spot gold down 1 USD compared to last week's closing level to 1,953.4 USD/ounce.

Last week, the world gold had a 2nd consecutive week of gains when the published inflation reports reduced expectations of interest rate hikes by the US Federal Reserve (Fed).

Note

On the stock market, in the trading session of July 14, VN-Index increased slightly. At the end of the session, the VN-Index increased by 2.98 points to 1,168.4 points. HNX-Index increased 0.22 points to 230.19 points. UPCoM-Index increased 0.08 points to 86.29 points.

Note

Looking at the review action over the past few weeks, James Stanley, market strategist at StoneX, forecasts gold to test the $1,980 resistance in the near term.

Note

Looking at the price action over the past few weeks, James Stanley, market strategist at StoneX, sees gold testing the $1,980 resistance in the near term.

Note

Market assessment, the US Federal Open Market Committee (FOMC), at its meeting on July 25-26, will raise interest rates to 5-5.25%, before "freezing" interest rates and will to cut interest rates by 2024.

Note

Lower interest rates reduce the opportunity cost of holding gold, as it is an asset that does not yield a return.

Note

Fed Governor Christopher Waller, the most hawkish member of the FOMC, announced on July 13 in favor of one rally this month and another before it ends in 2023, he said. likely to offer the FOMC a second rate hike in September or later this year depending on upcoming economic data.

Note

Twenty Wall Street analysts participated in Kitco News' gold survey. The ratio of gold price forecast to increase and move sideways this week is at 45%, while the remaining 10% is forecast to decrease.

Note

Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break out.

SupperTrading-FX

Related publications

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.