Welcome to my gold market analysis report. Let's together take a look at the current state of the gold market and the factors causing the fluctuations.
Strong Increase in Spot Gold Price
Spot gold has recently witnessed a significant increase, reaching its highest level in three weeks at 1,926.04 USD/troy ounce. This has garnered the attention of investors and raised questions about the reasons behind this uptick.
Focus on China
The financial market's attention is currently centered on China as the country has announced a series of measures to boost the Chinese yuan. Since the Chinese government abandoned its non-Covid policies in December 2022, the economy has faced challenges and economic headwinds.
Over the weekend, China decided to reduce the stamp duty on stock trading by 50%, which exerted pressure on the USD. Although the USD experienced modest losses against other major currencies, no significant price levels were breached. This has contributed to the increase in gold prices in U.S. trading.
However, it's important to note that gold prices have retraced a significant portion of their gains during the day, reflecting investors' caution while awaiting important news for clearer market direction.
Macroeconomic Calendar
The macroeconomic calendar for this week is worth noting, including preliminary estimates of the Harmonized Index of Consumer Prices (HICP) for Germany and the Eurozone for August. Additionally, the U.S. will release the Personal Consumption Expenditures (PCE) Price Index for July, a preferred inflation measure by the Federal Reserve, along with various employment-related data.
Trading Recommendations for the Day:
Short XAU/USD at 1,924 - 1,925
Stop Loss: 1,930
Take Profit 1: 1,920
Take Profit 2: 1,915
Take Profit 3: 1,910
Long XAU/USD at 1,907 - 1,908
Stop Loss: 1,902
Take Profit 1: 1,912
Take Profit 2: 1,915
Take Profit 3: 1,920
Note: Always set stop-loss (SL) and take-profit (TP) levels during your trading to achieve the highest performance.
Keep an eye on gold in the upcoming week, and don't miss out on any trading opportunities!
Strong Increase in Spot Gold Price
Spot gold has recently witnessed a significant increase, reaching its highest level in three weeks at 1,926.04 USD/troy ounce. This has garnered the attention of investors and raised questions about the reasons behind this uptick.
Focus on China
The financial market's attention is currently centered on China as the country has announced a series of measures to boost the Chinese yuan. Since the Chinese government abandoned its non-Covid policies in December 2022, the economy has faced challenges and economic headwinds.
Over the weekend, China decided to reduce the stamp duty on stock trading by 50%, which exerted pressure on the USD. Although the USD experienced modest losses against other major currencies, no significant price levels were breached. This has contributed to the increase in gold prices in U.S. trading.
However, it's important to note that gold prices have retraced a significant portion of their gains during the day, reflecting investors' caution while awaiting important news for clearer market direction.
Macroeconomic Calendar
The macroeconomic calendar for this week is worth noting, including preliminary estimates of the Harmonized Index of Consumer Prices (HICP) for Germany and the Eurozone for August. Additionally, the U.S. will release the Personal Consumption Expenditures (PCE) Price Index for July, a preferred inflation measure by the Federal Reserve, along with various employment-related data.
Trading Recommendations for the Day:
Short XAU/USD at 1,924 - 1,925
Stop Loss: 1,930
Take Profit 1: 1,920
Take Profit 2: 1,915
Take Profit 3: 1,910
Long XAU/USD at 1,907 - 1,908
Stop Loss: 1,902
Take Profit 1: 1,912
Take Profit 2: 1,915
Take Profit 3: 1,920
Note: Always set stop-loss (SL) and take-profit (TP) levels during your trading to achieve the highest performance.
Keep an eye on gold in the upcoming week, and don't miss out on any trading opportunities!
