Daily Price Outlook

Currently, gold is trading at $1912.30 per troy ounce in US dollars, reflecting an increase from $1899.60 the previous day and $1817.00 a year ago. This equates to a 5.24% increase from last year and a 0.67% rise from the last market day.

The outlook for gold prices, represented as XAU/USD, seems positive as it encounters minor roadblocks around the $1,960 resistance level during the late Asian trading session.

The easing of US inflationary pressures, to a point where the Federal Reserve may only implement a single interest rate hike by year's end, is anticipated to boost the precious metal's upward trajectory.

As the second-quarter earnings season looms, the US-500 stock index is likely to exhibit some volatility despite the S&P 500 futures marking strong gains and US markets ending positively on Wednesday. A robust risk-on sentiment pervades the market.

After a five-day downward spiral, the US Dollar Index (DXY) appears to have steadied at 100.50, with reduced fears of a possible recession following a general easing in the US Consumer Price Index (CPI). The market will closely monitor the US Producer Price Index (PPI) data set to be released on Thursday.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices are currently riding a strong upward trend, successfully breaking past the $1945.20 mark. A detailed examination of the chart reveals the completion of a 'double bottom' pattern, suggesting that this upward trajectory could continue in the coming trading sessions.

Our next objective is set at the $1977.25 point, and breaking past this level could trigger a further rally towards the $2000.00 mark, followed by an additional target of $2016.90.

Thus, we foresee an ongoing bullish trend in the intraday scenario, bolstered by the support from the EMA50 which is fueling this upward drive. However, it is crucial to bear in mind that a fall below the $1945.20 level could interrupt the projected rise and potentially swing the price back onto a bearish path.

Today's trading range is likely to oscillate between the support level at $1950.00 and the resistance level at $1980.00. All in all, the market trend for today is expected to lean bullish.

Daily Price Outlook

• Gold prices have rallied strongly, confirming a breach of the $1945.20 level.
• The formation of a double bottom pattern supports the potential for further upward movement.
• The EMA50 provides support for a continued bullish bias on the intraday basis.

Gold prices have demonstrated a strong bullish rally, confirming a breakthrough of the $1945.20 level. Upon closer analysis of the chart, it can be observed that the price has completed the formation of a double bottom pattern, indicating the potential for further upward movement in the upcoming sessions.

Our next target is positioned at $1977.25, and surpassing this level would be the key to rallying towards $2000.00, followed by the $2016.90 area as additional positive targets.

Consequently, we anticipate a continued bullish bias on the intraday basis, supported by the presence of the EMA50, which is providing upward momentum. It is important to note that a break below $1945.20 would halt the suggested rise and potentially lead the price back into a bearish track.

The projected trading range for today is expected to be between the support level at $1950.00 and the resistance level at $1980.00.

Overall, the trend for today is anticipated to be bullish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1955

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

During the early European session, the price of gold (XAU/USD) surged to a new three-week high, reaching $1,941.60.

This upward movement is attributed to the significant pressure on the US Dollar Index (DXY) caused by the anticipation of a further decline in the United States Consumer Price Index (CPI) data, which has strengthened the precious metal's position above the $1,940.00 level.

S&P 500 futures, after reaching a high on Tuesday, have exhibited choppy behavior, indicating a relatively calm market sentiment in the overall positive risk profile. Investors are cautious ahead of the release of second-quarter corporate earnings and inflation figures.

The yields on US 10-year Treasury notes have slightly decreased and are currently around 3.96%.

Although the USD Index has found temporary support near 101.35, the negative bias remains strong. While it is premature to completely dismiss the US Dollar, economists at Commerzbank believe that the Friday labor market report was not as negative as anticipated.

They hold the opinion that the Federal Reserve (Fed) will raise its key rate once more at the end of July due to their view that the labor market is still too tight.

Investors are primarily focused on the upcoming inflation figures. It is predicted that both monthly and core inflation will continue to rise steadily at a rate of 0.3%.

The headline CPI annualized statistics are expected to ease to 3.1%, while core CPI is anticipated to ease to 5.0%. Additionally, investors will closely monitor the release of the Fed's Beige Book, along with the inflation data.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices have successfully surpassed the $1929.00 level, confirmed by the daily candlestick closing above it. The next crucial resistance stands at $1945.20, supported by the EMA50. However, caution is advised as stochastic indicators display negative signals that could impede further upward movement.

It is recommended to remain on the sidelines until clearer signals for the next trend emerge, either by breaking the resistance at $1945.20 or the support at $1929.00.

A breach of the resistance would lead to additional gains targeting $1977.25, while breaking the support could reintroduce bearish pressure, potentially testing the $1913.15 level initially.

Breaking this level would open the path for a decline towards the next negative target at $1873.45.

The expected trading range for today is anticipated to be between the support level at $1920.00 and the resistance level at $1960.00. Overall, the trend for today is expected to be neutral.

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Daily Price Outlook

• Gold prices have surpassed the $1929.00 level, with confirmation from the daily candlestick close above it.
• It is advisable to wait for clearer signals before taking action, watching for a break of the $1945.20 resistance or the $1929.00 support.
• The expected trading range for today is between support at $1920.00 and resistance at $1960.00.

Gold prices have successfully surpassed the $1929.00 level, confirmed by the daily candlestick closing above it. The next crucial resistance stands at $1945.20, supported by the EMA50. However, caution is advised as stochastic indicators display negative signals that could impede further upward movement.

It is recommended to remain on the sidelines until clearer signals for the next trend emerge, either by breaking the resistance at $1945.20 or the support at $1929.00.

A breach of the resistance would lead to additional gains targeting $1977.25, while breaking the support could reintroduce bearish pressure, potentially testing the $1913.15 level initially.

Breaking this level would open the path for a decline towards the next negative target at $1873.45.

The expected trading range for today is anticipated to be between the support level at $1920.00 and the resistance level at $1960.00. Overall, the trend for today is expected to be neutral.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1932

Take Profit – 1950

Stop Loss – 1922

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1800/ -$1000

Profit & Loss Per Micro Lot = +$180/ -$100

Daily Price Outlook

• Gold prices show resilience around the $1,930.00 level, indicating modest bullishness.
• The potential for an uptrend to resume on an intraday basis remains, with an initial target at $1,913.15 and a further target at $1,873.50.
• Sustaining a position above $1,929.00 is crucial for maintaining upward momentum, and a break above $1,945.20 could lead to short-term gains.

Gold prices remain modestly bullish around the $1,930.00 level, demonstrating resilience below $1,934. Despite a slight loss of positive momentum indicated by the stochastic indicator, there is potential for the expected uptrend to resume on an intraday basis.

The initial target for this bullish move is at $1,913.15, with a break above this level possibly pushing the price towards the next significant target at $1,873.50.

Sustaining a position above $1,929.00 is crucial to maintain the anticipated upward momentum. If the price successfully breaches this level, it could lead to short-term gains, with the $1,945.20 level becoming a potential testing ground before any renewed negative attempts.

For today's trading, the projected range is expected to be between the support level at $1,905.00 and the resistance level at $1,940.00.

Overall, the outlook for today suggests a bullish trend in the gold market.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Stop 1935

Take Profit – 1945

Stop Loss – 1927

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$1000/ -$800

Profit & Loss Per Micro Lot = +$100/ -$80

Daily Price Outlook

During Tuesday's Asian session, gold experienced a slight uptick in price. However, it lacks strong bullish sentiment and remains significantly below a key resistance level tested last week, near $1,935. Currently, traders are cautiously trading XAU/USD above the $1,925 mark, registering a modest gain of just over 0.10% for the day.

The weakening US Dollar provides support to the gold price.

The upcoming release of the US Consumer Price Index (CPI) holds significant importance for the Federal Reserve's near-term policy stance, which, in turn, will impact the demand for the US Dollar and potentially drive momentum in the gold price.

As the US Dollar continues to decline for the fourth consecutive day, reaching its lowest level since May 11, there is growing belief that the US central bank is nearing the end of its policy tightening cycle. This sentiment bolsters the value of gold, which is denominated in US Dollars.

Additionally, the latest US monthly employment figures, released on Friday, indicating a slowdown in the labor market, further contribute to the weakening US Dollar.

Gold Price Forecast: XAU/USD bulls target the $1,930 level amid US Dollar pressure from inflation concerns

Following a lackluster start to the week, the gold price (XAU/USD) has gained momentum and reached an intraday high around $1,928 during the mid-Asian session on Tuesday.

It is noteworthy that the primary driver behind the movements in XAU/USD appears to be the general weakness of the US Dollar, which is influenced by concerns over negative job and inflation data in the United States.

Consequently, the precious metal seems to be disregarding economic worries stemming from China and the hawkish tone of the Federal Reserve's speeches.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices remain modestly bullish around the $1,930.00 level, demonstrating resilience below $1,934. Despite a slight loss of positive momentum indicated by the stochastic indicator, there is potential for the expected uptrend to resume on an intraday basis.

The initial target for this bullish move is at $1,913.15, with a break above this level possibly pushing the price towards the next significant target at $1,873.50.

Sustaining a position above $1,929.00 is crucial to maintain the anticipated upward momentum. If the price successfully breaches this level, it could lead to short-term gains, with the $1,945.20 level becoming a potential testing ground before any renewed negative attempts.

For today's trading, the projected range is expected to be between the support level at $1,905.00 and the resistance level at $1,940.00.

Overall, the outlook for today suggests a bullish trend in the gold market.

Daily Price Outlook

Gold starts the new week on a somber note, with prices fluctuating within a narrow range around $1,925 during the Asian session. Traders appear hesitant to make significant moves as uncertainty looms regarding the Federal Reserve's future rate hike trajectory. Nevertheless, the XAU/USD remains confined within a familiar range maintained over the past few weeks.

The resurgence of demand for the US Dollar has weighed on the price of gold. The US labor market continues to show strength, evident in consistently robust wage growth and a marginal decrease in the unemployment rate. This reaffirms expectations that the Federal Reserve will resume raising interest rates at its upcoming policy meeting in July.

Consequently, yields on US Treasury bonds have remained elevated, with the 10-year yield holding above 4.0% and the two-year yield at its highest level since June 2007. This renewed demand for the US Dollar has become a significant factor impacting the price of gold.

Looking ahead, market participants will closely monitor the release of Chinese CPI and Producer Price Index (PPI) data, which could provide new insights. Later in the week, attention will shift to the US Producer Price Index (PPI), the US University of Michigan Preliminary Consumer Sentiment for July, and the US Consumer Price Index (CPI).

The direction of gold prices in the near future will be influenced by these data points. Strong data may lead to increased US yields and lower gold prices, while volatile data could work in favor of the precious metal.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices are currently hovering around the $1929.00 level, with stochastic indicators showing clear negative signals. This suggests that there is a likelihood of the expected bearish wave continuing on both the intraday and short-term basis. The next main target to watch for is $1873.50.

To confirm the downward movement, it is important for the price to break below $1913.15. This level serves as a key initial resistance, and a breach of this level would indicate the potential for additional gains and a test of the significant resistance at $1945.20, before any new negative attempts.

For today's trading, the expected range is between support at $1900.00 and resistance at $1935.00.

Overall, the trend for today is expected to be bearish.

Daily Price Outlook

• Gold prices are currently around the $1929.00 level, with stochastic indicators showing clear negative signals, suggesting a continuation of the expected bearish wave on both the intraday and short-term basis. The next main target is $1873.50.
• Breaking below the key resistance level of $1913.15 is important to confirm the downward movement and potentially lead to additional gains.
• The expected trading range for today is between support at $1900.00 and resistance at $1935.00.

Gold prices are currently hovering around the $1929.00 level, with stochastic indicators showing clear negative signals. This suggests that there is a likelihood of the expected bearish wave continuing on both the intraday and short-term basis. The next main target to watch for is $1873.50.

To confirm the downward movement, it is important for the price to break below $1913.15. This level serves as a key initial resistance, and a breach of this level would indicate the potential for additional gains and a test of the significant resistance at $1945.20, before any new negative attempts.

For today's trading, the expected range is between support at $1900.00 and resistance at $1935.00.

Overall, the trend for today is expected to be bearish.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Limit 1920

Take Profit – 1930

Stop Loss – 1915

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1000/ -$500

Profit & Loss Per Micro Lot = +$100/ -$50

Daily Price Outlook

• Gold prices continue to exhibit a bearish trend as they closed below the $1913.15 level, with a potential decline towards the next target at $1873.50.
• The EMA50 acts as a reinforcing factor for the bearish momentum, and a breakthrough of $1907.00 would support reaching the expected target.
• Today's trading range is expected to be between support at $1890.00 and resistance at $1925.00.

Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.

The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.

For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.

Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1910

Take Profit – 1920

Stop Loss – 1900

Risk to Reward – 1: 1

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

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

Daily Price Outlook

Gold is trading at 1,920 increasing by 0.27 percent on Friday. The price of non-yielding gold is continuing to be hampered by growing predictions that the Federal Reserve (Fed) will raise interest rates by another 25 basis points (bps) at its forthcoming policy meeting on 25–26 July.

After statistics released by Automatic Statistics Processing (ADP) on Thursday revealed that private-sector businesses in the United States (US) gained roughly 500K jobs in June, the bets were confirmed once again.

The XAU/USD is now trading at $1,920, almost unchanged for the day, and is susceptible to extending a downturn that has been going on for almost two months from the record high reached in May.

Increased US bond rates help the USD and hurt XAU/USD at the same time.

However, the statistics indicated a robust US economy, which supports expectations for additional Fed policy tightening. The US Dollar (USD), which is considered to be another factor impacting the US Dollar-denominated gold price, benefits from this by driving the US Treasury bond rates considerably higher.

The much-anticipated Nonfarm Payrolls (NFP) data, which is coming later in the early North American session, might have an impact on predictions regarding the Fed's rate-hike trajectory. This will then fuel USD demand and give the XAU/USD a new lease of life.

After the FOMC Minutes, Gold Declines; the XAU/USD Scenario Comes Before US Jobs Data

After the US Federal Reserve's June meeting minutes stoked expectations of another rate hike at the end of July, gold prices dropped.

Despite some members wanting to proceed with a rate rise, virtually all officials decided to maintain interest rates constant during the June meeting, according to the FOMC meeting minutes.

By the end of the year, 16 out of 18 authorities still predicted that the benchmark interest rate will increase by at least another quarter of a percentage point.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.

The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.

For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.

Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.