According to the World Gold Council, global demand for gold fell 2% in the second quarter to 921 tonnes due to high interest payments on deposits and a stronger US economy.
However, the demand for gold by central banks in the first 6 months of 2023 reached a record high of 387 tons. If central banks implement "smart money flow" control, this is a positive signal for gold bulls.
Previously, many forecasts said that gold could reach the threshold of 2,000 USD/ounce. The demand for this precious metal product remains high in the context of economic and political instability happening around the world.
The USD meanwhile is at the end of a bull cycle and is about to enter a prolonged bearish phase.
Note
XAUUSD BUY SCALPING 1942 ✅ TP1: 1947
❌ SL: 1938
XAUUSD BUY 1930
✅TP1: 1938
✅TP2: 1945
❌ SL: 1922
Note
XAUUSD SELL SCALPING 1962✅ TP1: 1955
❌ SL: 1967
XAUUSD SELL 1970
✅TP1: 1962
✅TP2: 1955
❌ SL: 1978
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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.