GOLD - Waiting for the trend to break and continue to go up

Last night, the price of gold experienced unpredictable fluctuations due to China's economic growth in the second quarter of 2023, which was lower than the expected market growth of 6.9%. As a result, the precious metals market experienced some downward pressure.

Currently, gold prices remain above $1,950 an ounce, but analysts suggest that various factors need to be in place for the gold market to experience a significant breakthrough.

The gold market is highly sensitive to the Fed rate outlook, and it is too early to predict a rally in gold prices despite a recent increase of over $30.

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Market participants increase bets of a soon-to-come Federal Reserve’s pause.

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XAU/USD hovers around its daily opening, with the downside limited by broad USD weakness.

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Gold prices temporarily eased on Monday, with XAU/USD currently trading at around $1,954

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Financial market’s frenzy cooled down as investors gear up for first-tier events scheduled for the next week

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including central banks and yet another update on the United States inflation progress.

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The US Dollar recovered some of the ground lost after collapsing last week, although its gains are irrelevant

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The United States (US) Consumer Price Index (CPI) came below expected in June, posting a modest 0.2% monthly increase.

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Momentum indicator heads marginally lower within negative levels, while the Relative Strength Index (RSI) indicator hovers within neutral levels.

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Support levels: 1,950.70 1,940.95 1,928.60

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Resistance levels: 1,967.90 1,983.40 1,996.55