Daily Price Outlook

Gold's price (XAU/USD) is holding firm around $1,970, continuing its upward trend for the third consecutive week.

As investors await key central bank statements from the US, Europe, and Japan, the precious metal maintains its recent highs, fueled by market consolidation, a light economic calendar, mixed catalysts, and pre-announcement uncertainty.

On the previous day, positive US job indicators and disappointing performances in the US oil and technology stocks led to an increase in US Treasury bond rates and the US Dollar. Additionally, doubts surrounding China's economic growth posed challenges for gold buyers.

However, the US Dollar's strength in preparation for the upcoming Fed meeting and the actions taken by officials to safeguard the Chinese economy triggered a corrective bounce in the XAU/USD price, halting a two-day losing streak.

Notably, apart from the positive employment data, most US figures have not been strong enough to support the Fed's announcement of further rate hikes beyond July in the upcoming week. This has deterred market bears and instilled optimism among gold investors.

Nevertheless, much depends on the US central bank's ability to defend the US Dollar and maintain its hawkish stance.

 Gold (XAU/USD) Technical analysis

Gold prices closed below the level of $1977.25 yesterday, but they are currently consolidating above the intraday bullish channel. The presence of the EMA50 at this support level adds further strength to the consolidation.

Additionally, the stochastic indicator has reached the oversold areas and is showing positive overlapping signals.

Given these factors, we are inclined to suggest a bullish bias for the upcoming period. The initial targets are set at breaching $1977.25, which would reinforce the likelihood of the price heading towards $2000.00, followed by $2016.90 as the next positive milestones.

It's important to note that a break below $1967.40 would halt the expected rise and potentially lead to a decline in price.

The expected trading range for today is between the support level of $1960.00 and the resistance level of $1990.00.

Daily Price Outlook

Despite experiencing a recent decline from its daily peak, the price of gold (XAU/USD) remains at a two-month high, benefitting from a weakening US Dollar and sluggish market conditions.

The positive factors supporting the gold price include news from China that is supportive of prices, as well as low yields. Additionally, the People's Bank of China (PBoC) is taking steps to ease rules on foreign investment and is willing to reduce geopolitical tensions with the US if certain conditions are met, which will likely contribute to the strength of the gold price.

Conversely, there are expectations for the Federal Reserve (Fed) to adjust its policy due to weak US housing and consumer expenditure data, leading to calls for a change in interest rates.

Discussions surrounding the positive outlook for US banks and the BRICS countries' interest in using gold-backed currency further bolster the bullish sentiment for XAU/USD. The BRICS countries include Brazil, Russia, India, China, and South Africa.

Recent concerns from major central banks about the potential for higher interest rates, coupled with a lack of optimism in the Asia-Pacific market, have been driving demand for gold.

This trend is particularly noticeable ahead of the upcoming monetary policy meeting of the Federal Open Market Committee (FOMC), which is scheduled to take place the following week.

The gold price forecast for XAU/USD indicates a fresh two-month high and suggests the potential for further appreciation. After a brief pause, the price of gold has regained momentum and reached new highs during the Asian session, currently trading in the range of $1,984 to $1,985.

This upward trend is expected to continue based on the steady upward movement observed over the past three weeks or so.

Gold (XAU/USD) Technical analysis

The price of gold has successfully surpassed the level of $1,977.25, closing the previous four-hour candlestick above it. This development indicates the potential for a continued bullish trend in the short-term and intraday scenarios. As a result, new target levels are now in focus, beginning at $2,000.00 and followed by $2,016.90.

The upward movement is supported by a bullish channel, which receives significant reinforcement from the EMA50 indicator. However, if the price breaks below the level of $1,977.25, the anticipated rise may be halted, leading to a potential reversal and a shift towards a decline.

For today's trading, it is expected that the support level will be around $1,970.00, while resistance is likely to be encountered at $2,005.00.

Overall, the outlook for today suggests a bullish trend in the gold market, but it is important to monitor the price action closely for any potential reversals or shifts in the market sentiment.

Daily Price Outlook

The price of gold has successfully surpassed the level of $1,977.25, closing the previous four-hour candlestick above it. This development indicates the potential for a continued bullish trend in the short-term and intraday scenarios. As a result, new target levels are now in focus, beginning at $2,000.00 and followed by $2,016.90.

The upward movement is supported by a bullish channel, which receives significant reinforcement from the EMA50 indicator. However, if the price breaks below the level of $1,977.25, the anticipated rise may be halted, leading to a potential reversal and a shift towards a decline.

For today's trading, it is expected that the support level will be around $1,970.00, while resistance is likely to be encountered at $2,005.00.

Overall, the outlook for today suggests a bullish trend in the gold market, but it is important to monitor the price action closely for any potential reversals or shifts in the market sentiment.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1974

Take Profit – 1999

Stop Loss – 1960

Risk to Reward – 1: 1.79

Profit & Loss Per Standard Lot = +$2500/ -$1400

Profit & Loss Per Micro Lot = +$250/ -$140

Daily Price Outlook

Gold prices settle around the $1,977.25 level, encountering strong resistance at this point. We await positive momentum to drive the price above this level and toward our next targets, starting at $2,000.00 and extending to $2,016.90.

The EMA50 continues to support the anticipated bullish trend, influenced by the previously completed double bottom pattern.

It is important to note that if the price consolidates around the $1,977.25 level despite bullish attempts, it may face intraday downward pressure, targeting the $1,945.20 level before any new upward movement.

The projected trading range for today is between support at $1,960.00 and resistance at $1,995.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1980

Take Profit – 1965

Stop Loss – 1989

Risk to Reward – 1: 1.67

Profit & Loss Per Standard Lot = +$1500/ -$900

Profit & Loss Per Micro Lot= +$150/ -$90

Daily Price Outlook

The US Dollar has been steadily rebounding from a 15-month low, while the price of gold (XAU/USD) has retreated from its recent eight-week high and is now trading near its intraday low. Risk factors stemming from China may also exert downward pressure on the XAU/USD market.

It is worth noting that despite negative US Treasury bond yields, gold prices have not seen a significant boost as market participants await new information to support the risk-on sentiment observed in the previous day.

However, the stand taken the day before was supported by expectations of increased profits for US banks due to higher interest rates. Moreover, concerns surrounding the Federal Reserve's policy shift following the 0.25% rate hike in July contributed to the rise in the XAU/USD price.

The recent decline in gold prices can be attributed to positive US Retail Sales data and anticipation that the Fed may maintain higher interest rates for a longer duration or announce multiple rate hikes.

Considering the upcoming Federal Open Market Committee (FOMC) monetary policy meeting and a light economic calendar, risk factors can provide some excitement for XAU/USD traders.

Gold Price Forecast: XAU/USD consolidates near a multi-week high, just below the $1,980 level.

During the Asian session on Wednesday, the price of gold remained within a narrow trading range, consolidating its significant gains from the previous day and hovering around the $1,984 level, which represents an approximately eight-week high. Currently, XAU/USD is trading slightly below the $1,980 level and appears poised to continue its recent stable ascent observed over the past three weeks.

A weakening US Dollar is expected to provide support to the price of gold.

Despite growing consensus that the Federal Reserve (Fed) may adopt a more dovish stance, the US Dollar (USD) has failed to stage a meaningful recovery from its lowest level since April 2022, reached on Tuesday. This suggests that the price of gold should continue to benefit.

The widely anticipated 25 basis point (bps) rate hike by the Fed at its upcoming policy meeting on July 25-26 did not have as pronounced of an impact as previously anticipated, strengthening expectations of a more cautious approach by the central bank.

Gold (XAU/USD) Technical analysis

Gold prices settle around the $1,977.25 level, encountering strong resistance at this point. We await positive momentum to drive the price above this level and toward our next targets, starting at $2,000.00 and extending to $2,016.90.

The EMA50 continues to support the anticipated bullish trend, influenced by the previously completed double bottom pattern.

It is important to note that if the price consolidates around the $1,977.25 level despite bullish attempts, it may face intraday downward pressure, targeting the $1,945.20 level before any new upward movement.

The projected trading range for today is between support at $1,960.00 and resistance at $1,995.00.

Daily Price Outlook

Gold prices tested the $1,945.20 level and exhibited a bullish bounce, indicating a potential resumption of the anticipated bullish movement on an intraday basis. The initial target for this upward wave is set at the $1,977.25 level.

The presence of the EMA50 provides support for the expected rise, which is further reinforced by the double bottom pattern observed on the chart. These factors increase the likelihood of surpassing the aforementioned target and heading towards the $2,000.00 level, followed by the $2,016.90 area as the next significant milestones.

As long as the price remains above the $1,945.20 level, the bullish trend scenario remains valid and in play. A breach of this level, followed by a drop below the $1,935.10 level, would raise concerns and potentially negate the bullish outlook.

Today's expected trading range is between support at $1,945.00 and resistance at $1,980.00.

Overall, the outlook for today remains bullish, with the potential for further upward movement in gold prices.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1954

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1:1.7

Profit & Loss Per Standard Lot = +$1600/ -$900

Profit & Loss Per Micro Lot= +$160/ -$90

Daily Price Outlook

The Gold Price (XAU/USD) is experiencing positive momentum as traders reassess concerns related to China, leading to an improved risk-on sentiment.

The US Dollar's recovery since late Friday has been short-lived, coupled with lackluster data, which has strengthened the demand for Gold. Consequently, Gold buyers are now gearing up for a potential challenge to surpass the significant $2,000 level.

Several positive factors are contributing to cautious optimism in the market. China's ability to defend its economic growth and signs of improving relations with the US are among the catalysts supporting the sentiment.

Despite positive consumer-focused figures on Friday, the US NY Empire State Manufacturing Index failed to impress Dollar bulls.

Additionally, expectations of further stimulus measures from China and challenges faced by restrictive monetary policies are providing support for the Gold Price.

In the coming days, market participants will closely monitor US Retail Sales and Industrial Production data for June, as they will play a crucial role in shaping the Federal Reserve's rate hike trajectory beyond July. These data releases could also have an impact on the movements of the Gold Price.

Gold (XAU/USD) Technical analysis

Gold prices tested the $1,945.20 level and exhibited a bullish bounce, indicating a potential resumption of the anticipated bullish movement on an intraday basis. The initial target for this upward wave is set at the $1,977.25 level.

The presence of the EMA50 provides support for the expected rise, which is further reinforced by the double bottom pattern observed on the chart. These factors increase the likelihood of surpassing the aforementioned target and heading towards the $2,000.00 level, followed by the $2,016.90 area as the next significant milestones.

As long as the price remains above the $1,945.20 level, the bullish trend scenario remains valid and in play. A breach of this level, followed by a drop below the $1,935.10 level, would raise concerns and potentially negate the bullish outlook.

Today's expected trading range is between support at $1,945.00 and resistance at $1,980.00.

Overall, the outlook for today remains bullish, with the potential for further upward movement in gold prices.

Daily Price Outlook

XAU/USD loses upward momentum above $1,950 following mixed Chinese data.

The gold price faces challenges in gaining momentum and continues its decline from the $1,965 level seen on Friday. After conflicting economic indicators from China, the precious metal is currently trading around $1,950 during the Asian session.

Despite this, positive US consumer confidence results led to a rebound in the US Dollar from its lowest point since April 2022, contributing to the decline in gold prices on Friday.

The preliminary reading of the University of Michigan's Consumer Confidence Index showed an increase from 64.4 in June to 72.6, surpassing the market's forecast of 65.5.

Additionally, the Producer Price Index (PPI) saw a 0.1% rise, lower than the previous 0.9%, and US consumer prices increased by 3.0% year over year, down from the previous 4.0%.

Market participants anticipate a less aggressive monetary policy tightening by the Federal Reserve (Fed) following the expected interest rate hike in the July 26 meeting. This projection may limit the US Dollar's strength and the decline in gold prices.

As the Fed enters its blackout period ahead of the July 25-26 meeting, market participants will closely observe US data releases for further guidance.

The upcoming Empire State Manufacturing Index and June's Retail Sales MoM figures will be crucial in determining the short-term direction of the US Dollar and the future trajectory of gold prices.

A slight decline in US equity futures could provide support to the safe-haven precious metal and help limit the downward movement, at least temporarily.

Market participants are closely monitoring the release of Chinese macroeconomic data, which has the potential to impact risk sentiment and boost the price of gold.

However, based on the previous fundamental backdrop, the XAU/USD pair is expected to have an upward bias, and any declines are likely to be viewed as buying opportunities and may ease in the near term.

Gold (XAU/USD) Technical analysis

Gold prices show a slight negative movement, potentially testing the key support level at $1945.20. It is worth noting that the EMA50 intersects with this level, providing additional strength. The stochastic indicator indicates clear positive momentum.

Therefore, there is a valid possibility for the expected bullish trend to resume on an intraday basis, with a target of $1977.25.

This prediction is influenced by the presence of a double bottom pattern on the chart. However, if the price breaks below $1945.20, followed by $1935.10, the anticipated rise will be halted, and a decline may occur.

Daily Price Outlook

Gold prices show a slight negative movement, potentially testing the key support level at $1945.20. It is worth noting that the EMA50 intersects with this level, providing additional strength. The stochastic indicator indicates clear positive momentum.

Therefore, there is a valid possibility for the expected bullish trend to resume on an intraday basis, with a target of $1977.25.

This prediction is influenced by the presence of a double bottom pattern on the chart. However, if the price breaks below $1945.20, followed by $1935.10, the anticipated rise will be halted, and a decline may occur.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1950

Take Profit – 1970

Stop Loss – 1940

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot= +$200/ -$100