XAU/USD Current price: $2,456.23

• The US Dollar corrects higher after reaching extreme oversold conditions.
• Better-than-anticipated United States data helped the Greenback in the near term.
• XAU/USD corrects after reaching record highs, the overall bullish stance persists.

Spot Gold rallied to an all-time high of $2,483.60 on Wednesday as market players kept dampening the US Dollar on the back of mounting speculation the Federal Reserve (Fed) will cut interest rates in the September meeting. Extreme technical conditions helped the USD recover some ground after Wall Street’s opening, also backed by encouraging United States (US) macroeconomic data.

The country reported that  Building Permits rose 3.4% in June, while  Housing Starts in the same period were up 3%. Furthermore, Industrial Production increased 0.6% in June, beating expectations, while Capacity Utilization in the same month rose to 78.8% against the 78.6% anticipated.

Finally, it is worth adding that several Fed officials hit the wires, with their words tilting to the dovish side of the spectrum, seen by market players as an anticipation of the September cut. The central bank will meet by the end of July, and speculative interest hopes policymakers will offer some clearer clues about the near future of monetary policy. It is also worth remembering that Chairman Jerome Powell has repeated multiple times that decisions will be made meeting by meeting and depend entirely on macroeconomic developments.

On Thursday, the European Central Bank (ECB) will announce its decision on monetary policy. President Christine Lagarde and co. are widely anticipated to keep interest rates on hold this time after trimming them by 25 basis points (bps) in the previous meeting.

XAU/USD short-term technical outlook  

The XAU/USD pair is trading in negative territory on a daily basis, hovering around $2,455. The slide, however, seems corrective given the overbought conditions technical indicators have reached in the daily chart. In the same time frame, the bright metal holds far above bullish moving averages, with the 20 Simple Moving Average (SMA) maintaining its upward slope at around $2,365 while above bullish 100 and 200 SMAs.

Technical readings in the 4-hour chart suggest that XAU/USD corrective slide may continue. The current candle is quite long, usually a sign of increased selling interest, while technical indicators retreat almost vertically from extreme overbought readings. Nevertheless, the pair keeps developing far above bullish moving averages, with the 20 SMA currently at around $2,435.50. Buyers could return around the latter if the level is reached, as the overall stance is still bullish.

Support levels: 2,448.90 2,435.50 2,422.65

Resistance levels: 2,465.00 2,483.70 2,495.00

Lower Support Starts Around 1.92

If the 2.02 support zone fails to hold, a drop below 2.00 will have the price of natural gas heading towards the 78.6% Fibonacci retracement at 1.92. That price is given further significance as it confirmed by the gap up support level from late-April at 1.91.

Natural gas fell hard on Wednesday as it was down by as much as 0.16 cents or 7.5% for the day. It has established a wide price range for the day with a full body red candle. And it is on track to close weak, in the lower third of the day’s trading range.

Current Support May Lead to a Bounce

Nonetheless, it is possible that the 2.00 price area holds as support and attracts buyers. Today’s sharp selloff has occurred further into the downtrend and therefore, nearer to the end of the decline than it had been previously. A sharp drop near the end of a trend can sometimes signal capitulation as holders can longer take the pain of loss and finally sell. That creates a vacuum that allows for a potential sharp bounce.

Breakout Above Trendline Give First Sign of Strength

Unfortunately, on a daily chart there is no sign of strength until natural gas rallies above today’s high of 2.21. Of course, that may change in the coming days as alternative price levels may become apparent. Be that as it may, more aggressive investors and traders may key off intraday price patterns as they watch for signs of a bullish reversal from a key support zone. As noted previously, a rally above the internal downtrend line will provide a sign of strength, but trendlines are typically not too reliable on their own. Breaks through trendlines are more useful when confirmed by additional signs of strength.

For a look at all of today’s economic events, check out our economic calendar.

XAU/USD Current price: $2,456.23

• The US Dollar corrects higher after reaching extreme oversold conditions.
• Better-than-anticipated United States data helped the Greenback in the near term.
• XAU/USD corrects after reaching record highs, the overall bullish stance persists.

Spot Gold rallied to an all-time high of $2,483.60 on Wednesday as market players kept dampening the US Dollar on the back of mounting speculation the Federal Reserve (Fed) will cut interest rates in the September meeting. Extreme technical conditions helped the USD recover some ground after Wall Street’s opening, also backed by encouraging United States (US) macroeconomic data.

The country reported that  Building Permits rose 3.4% in June, while  Housing Starts in the same period were up 3%. Furthermore, Industrial Production increased 0.6% in June, beating expectations, while Capacity Utilization in the same month rose to 78.8% against the 78.6% anticipated.

Finally, it is worth adding that several Fed officials hit the wires, with their words tilting to the dovish side of the spectrum, seen by market players as an anticipation of the September cut. The central bank will meet by the end of July, and speculative interest hopes policymakers will offer some clearer clues about the near future of monetary policy. It is also worth remembering that Chairman Jerome Powell has repeated multiple times that decisions will be made meeting by meeting and depend entirely on macroeconomic developments.

On Thursday, the European Central Bank (ECB) will announce its decision on monetary policy. President Christine Lagarde and co. are widely anticipated to keep interest rates on hold this time after trimming them by 25 basis points (bps) in the previous meeting.

XAU/USD short-term technical outlook  

The XAU/USD pair is trading in negative territory on a daily basis, hovering around $2,455. The slide, however, seems corrective given the overbought conditions technical indicators have reached in the daily chart. In the same time frame, the bright metal holds far above bullish moving averages, with the 20 Simple Moving Average (SMA) maintaining its upward slope at around $2,365 while above bullish 100 and 200 SMAs.

Technical readings in the 4-hour chart suggest that XAU/USD corrective slide may continue. The current candle is quite long, usually a sign of increased selling interest, while technical indicators retreat almost vertically from extreme overbought readings. Nevertheless, the pair keeps developing far above bullish moving averages, with the 20 SMA currently at around $2,435.50. Buyers could return around the latter if the level is reached, as the overall stance is still bullish.

Support levels: 2,448.90 2,435.50 2,422.65

Resistance levels: 2,465.00 2,483.70 2,495.00

XAU/USD Current price: $2,456.23

• The US Dollar corrects higher after reaching extreme oversold conditions.
• Better-than-anticipated United States data helped the Greenback in the near term.
• XAU/USD corrects after reaching record highs, the overall bullish stance persists.

Spot Gold rallied to an all-time high of $2,483.60 on Wednesday as market players kept dampening the US Dollar on the back of mounting speculation the Federal Reserve (Fed) will cut interest rates in the September meeting. Extreme technical conditions helped the USD recover some ground after Wall Street’s opening, also backed by encouraging United States (US) macroeconomic data.

The country reported that  Building Permits rose 3.4% in June, while  Housing Starts in the same period were up 3%. Furthermore, Industrial Production increased 0.6% in June, beating expectations, while Capacity Utilization in the same month rose to 78.8% against the 78.6% anticipated.

Finally, it is worth adding that several Fed officials hit the wires, with their words tilting to the dovish side of the spectrum, seen by market players as an anticipation of the September cut. The central bank will meet by the end of July, and speculative interest hopes policymakers will offer some clearer clues about the near future of monetary policy. It is also worth remembering that Chairman Jerome Powell has repeated multiple times that decisions will be made meeting by meeting and depend entirely on macroeconomic developments.

On Thursday, the European Central Bank (ECB) will announce its decision on monetary policy. President Christine Lagarde and co. are widely anticipated to keep interest rates on hold this time after trimming them by 25 basis points (bps) in the previous meeting.

XAU/USD short-term technical outlook  

The XAU/USD pair is trading in negative territory on a daily basis, hovering around $2,455. The slide, however, seems corrective given the overbought conditions technical indicators have reached in the daily chart. In the same time frame, the bright metal holds far above bullish moving averages, with the 20 Simple Moving Average (SMA) maintaining its upward slope at around $2,365 while above bullish 100 and 200 SMAs.

Technical readings in the 4-hour chart suggest that XAU/USD corrective slide may continue. The current candle is quite long, usually a sign of increased selling interest, while technical indicators retreat almost vertically from extreme overbought readings. Nevertheless, the pair keeps developing far above bullish moving averages, with the 20 SMA currently at around $2,435.50. Buyers could return around the latter if the level is reached, as the overall stance is still bullish.

Support levels: 2,448.90 2,435.50 2,422.65

Resistance levels: 2,465.00 2,483.70 2,495.00

• Gold price sits at a new record high above $2,480 early Wednesday.
• The US Dollar licks wounds with Treasury bond yields as a September Fed rate cut is a done deal.  
• India Gold demand stands resilient, despite elevated prices – ANZ.
• The daily RSI prods 50 level, suggesting more upside for Gold price.

Gold price is consolidating the three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.  

Gold price looks to $2,500 and beyond

With a US Federal Reserve (Fed) interest-rate cut in September inevitable, a fresh lifetime high for the non-interest-bearing Gold price comes as a little surprise. Markets are fully pricing in the September Fed rate cut while odds of another cut in December stand at above 60%, according to the CME Group’s FedWAtch Tool.

Data on Tuesday showed that US Retail Sales stagnated in the month to June, down from a 0.3% growth in May. The Retail Sales Control Group for June came in at 0.9% versus the previous increase of 0.4%. The readings showed US economic resilience however, that failed to alter market bets for a Fed cut in September.

Therefore, the US Dollar downtrend resumed, following a temporary bounce, helping Gold price attain fresh levels on record above $2,450. Fed Governor Adriana Kugler’s comments added to the recent dovishness from several Fed policymakers, including Chairman Jerome Powell, and accentuated the Gold price bullish momentum.

Gold traders also cheered robust physical demand for Gold in India even though prices remain elevated. Analysts at the Australian and New Zealand (ANZ) Banking Group said in their research note that “higher prices are still dampening demand, but sensitivity has diminished over the past year. Despite a rise in gold’s price of more than 10 percent in 2023, consumer demand stayed buoyant at 760 tons, a marginal decline of only 2 percent y/y. The demand was also in line with the long-term (2013–22) average of 755 tons.”

“Higher capital gains and income growth have helped gold demand weather elevated prices,” ANZ analysts added.

Looking ahead, upside risks remain intact for Gold price, as dovish sentiment around the Fed’s interest rate outlook will continue to boost the appeal of the non-yielding Gold price. Meanwhile, any stimulus rollout by China to stimulate its economic growth could also act as a tailwind for Gold price.

Gold traders will closely scrutinize the mid-tier US industrial and housing data, as well as, the speech from Fed Governor Christopher Waller for fresh trading directives.

Gold price technical analysis: Daily chart

  

The path of least resistance for Gold price remains to the upside, as the 14-day Relative Strength Index (RSI) tests the overbought threshold while the previous week’s Bull Cross remains in play.  

The 21-day Simple Moving Average (SMA) closed above the 50-day SMA on Friday, portraying the bullish crossover.

Gold buyers look to capture the $2,500 level on a retest of the record highs at $2,482. The next contention level is seen at the $2,550 psychological mark.  

However, any pullback in Gold price could challenge the previous lifetime high at $2,450, below the $2,400 figure will be put to the test again.

The next relevant support levels are seen at the July 11 low of $2,371 and the $2,350 psychological levels.

 

• Gold price sits at a new record high above $2,480 early Wednesday.
• The US Dollar licks wounds with Treasury bond yields as a September Fed rate cut is a done deal.  
• India Gold demand stands resilient, despite elevated prices – ANZ.
• The daily RSI prods 50 level, suggesting more upside for Gold price.

Gold price is consolidating the three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.  

Gold price looks to $2,500 and beyond

With a US Federal Reserve (Fed) interest-rate cut in September inevitable, a fresh lifetime high for the non-interest-bearing Gold price comes as a little surprise. Markets are fully pricing in the September Fed rate cut while odds of another cut in December stand at above 60%, according to the CME Group’s FedWAtch Tool.

Data on Tuesday showed that US Retail Sales stagnated in the month to June, down from a 0.3% growth in May. The Retail Sales Control Group for June came in at 0.9% versus the previous increase of 0.4%. The readings showed US economic resilience however, that failed to alter market bets for a Fed cut in September.

Therefore, the US Dollar downtrend resumed, following a temporary bounce, helping Gold price attain fresh levels on record above $2,450. Fed Governor Adriana Kugler’s comments added to the recent dovishness from several Fed policymakers, including Chairman Jerome Powell, and accentuated the Gold price bullish momentum.

Gold traders also cheered robust physical demand for Gold in India even though prices remain elevated. Analysts at the Australian and New Zealand (ANZ) Banking Group said in their research note that “higher prices are still dampening demand, but sensitivity has diminished over the past year. Despite a rise in gold’s price of more than 10 percent in 2023, consumer demand stayed buoyant at 760 tons, a marginal decline of only 2 percent y/y. The demand was also in line with the long-term (2013–22) average of 755 tons.”

“Higher capital gains and income growth have helped gold demand weather elevated prices,” ANZ analysts added.

Looking ahead, upside risks remain intact for Gold price, as dovish sentiment around the Fed’s interest rate outlook will continue to boost the appeal of the non-yielding Gold price. Meanwhile, any stimulus rollout by China to stimulate its economic growth could also act as a tailwind for Gold price.

Gold traders will closely scrutinize the mid-tier US industrial and housing data, as well as, the speech from Fed Governor Christopher Waller for fresh trading directives.

Gold price technical analysis: Daily chart

  

The path of least resistance for Gold price remains to the upside, as the 14-day Relative Strength Index (RSI) tests the overbought threshold while the previous week’s Bull Cross remains in play.  

The 21-day Simple Moving Average (SMA) closed above the 50-day SMA on Friday, portraying the bullish crossover.

Gold buyers look to capture the $2,500 level on a retest of the record highs at $2,482. The next contention level is seen at the $2,550 psychological mark.  

However, any pullback in Gold price could challenge the previous lifetime high at $2,450, below the $2,400 figure will be put to the test again.

The next relevant support levels are seen at the July 11 low of $2,371 and the $2,350 psychological levels.

 

Global “Coffee Mugs Market” Insight Survey 2023 By Type, Application, Region, Global Market Analysis, Market Size, Share, Growth, Trends, And Forecast 2023 To 2029. The Report published by Industry Research Biz attempts to offer a high-quality and accurate analysis of the market, keeping in view the current market scenario. The report compromises in-depth analysis covering key regional trends, market dynamics, and provides country-level market size of the global Coffee Mugs Market.