On July 23, the recent gold price continued its technical recovery. GTC Capital noted that spot gold has reclaimed a key integer level and is approaching medium-term moving averages, with market turnover and US dollar movements jointly influencing the short-term rhythm.
Following the price rebound, volatility has increased. GTC Capital believes that momentum indicators have already recovered from their lows, but as the price nears previous areas of heavy trading volume, profit-taking and new buying interest may create a tug-of-war.
From a structural perspective, this round of gold's recovery includes both a rebound from oversold conditions and reflects the market's repricing of interest rate and inflation trajectories. If real yields decline, valuation pressure on precious metals could ease; conversely, the price may still retest support levels.
Going forward, attention can be paid to changes in the US dollar, bond yields, and trading volume. GTC Capital assesses that whether the gold price can stabilize above key moving averages will be a primary observation point for confirming the sustainability of the rebound.
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