Gold prices declined on Monday due to the increase in US bond returns. However, less aggressive US Central Bank’s interest rate hike orbit negatively affected the dollar. This kept the gold near the highest level of three weeks. So, what levels will we see this week?
Gold rose with the decline of the dollar
Spot gold is traded for about $ 1,760. The price of gold reached $ 1,767.79 on Friday. Kriptokoin.comAs we have reported, this level was the highest price since July 6. US gold futures decreased by 0.3 percent to ounce of $ 1,776.50. According to SPI Asset Management Manager Stephen Innes, the US dollar remained behind, raised the gold. Experts, expectations are united around a rapidly slowing economy. It points to a less aggressive tightening. ”
Traders are currently pricing the existing 75 basis point increase in the Fed’s next meeting in September 31 percent, a smaller half -point increase of 69 percent. Meanwhile, the dollar made gold for other foreign exchange owners cheaper, the dollar fell close to the lowest levels of three weeks in the face of its competitors. The indicator that limits the ounce gold gains, the US 10 -year Treasury bond returns have moved away from the lowest level of the four months.
What are the resistance and support levels?
Anz Gold has gained the biggest weekly earnings since March among the speculation that the Fed’s interest rates will slow down while the US economy slows down the US economy, ”he said in a note. Now the focus will be in the US employment report that can affect the Fed’s fight against inflation. The data will be announced on Friday.
Meanwhile, the disappointing Chinese economic data reduced the appetite of investors to more risky assets. According to Reuters’ technical analyst Wang Tao, a strong resistance awaits the Spot Gold at $ 1,770. On the other hand, it can re -test the support of $ 1,756 per ounce.
CME Group drew attention to the futures market: $ 1,770 is the limit?
Finally, according to CME Group’s data, the open position in the gold -term trading markets decreased by about 18.8 thousand on Friday. The volume followed it. The amount fell in the second session in a row, this time about 98.2 thousand contract fell. Gold prices rose at the end of last week in the third session. However, the positive price movement came in parallel with the decreasing open position and volume. At least he showed that more gains were not preferred in the near term. So far, the last recovery has faced resistance at $ 1,770 per ounce.
