Gold prices end July with gains despite ETF outflows

The gold market remains stable as bond yields and the US dollar continue to rise. However, the market is facing difficulties with further liquidation of gold-backed exchange-traded products.

According to the latest market report released on Tuesday, analysts at the World Gold Council stated that global ETF market saw a decrease in holdings by 34 tons, worth $2.3 billion. This is the fourth consecutive month of liquidation in the gold market.

הערה:

Stocks rose Thursday after a key inflation reading showed slightly less year-over-year inflation growth than expected.
🟢The Dow Jones Industrial Average advanced 337 points, or 1%.
🟢The S&P 500 climbed 0.9%, and the Nasdaq Composite rose 1.1%.

הערה:

Technically, gold price failed to sustain in its sideways range at $1,930 - $1,950 and turned down.

הערה:

Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.

הערה:

Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.

הערה:

BUY XAUUSD zone 1899 - 1902

SL: 1896

TP: 1905
TP: 1908

עסקה סגורה: היעד הושג:

It's Hit TP2 + 90pips 🧃🧃🧃

הערה:

Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.