Gold is Facing Downward Pressure for Following Change
Hello everyone! Today i want to share some macro analysis with you!
1.
$XAU/USD(XAUUSD.FOREX)$ $Gold - main 2408(GCmain)$ My tweets have emphasized that 2368 is a key position in the near term, and is the dividing line between rising and falling.
Today in the European and American markets, gold technically fell back, and did not effectively fall below 2368. It is currently in a state of consolidation! In the short term, XAUUSD still has the momentum to rise, and buy orders are the main trading!
2.
GOLD NEWS ANALYSIS: The price of gold fell on Monday (8 July), as commodity prices fell due to last week's weaker-than-expected U.S. jobs data, which sparked global growth concerns. The increased likelihood of former President Donald Trump winning the next presidential election in November and rising US Treasury yields could also weaken gold.
Trump is expected to cut taxes but maintain spending, which will lead to higher inflation and interest rates - which is not favourable for the non-interest bearing asset gold.
In addition, short-term traders taking profits after Friday's rise could also put pressure on gold prices. At press time, gold was down 1.54 per cent to $2,354.19 per ounce. Investors' focus this week will be on Fed Chairman Jerome Powell's semi-annual congressional testimony, comments from a range of Fed officials, and U.S. inflation data.
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