Recent News Impacting Gold Prices
Decline in Central Bank Gold Purchases:
In June, central banks reported a net gold purchase of 12 tons, reflecting a 7% decrease compared to May. This decline suggests weaker demand, potentially adding downward pressure on gold prices. (Source)
China Stops Gold Purchases:
China’s central bank halted gold buying after 18 consecutive months of accumulation. This decision has led to a drop in gold prices in global markets and could signal a shift in the previous bullish trend. (Source)
Conclusion & Trading Recommendation
Given the technical analysis and recent news, gold is currently in a critical zone. The $2,766 - $2,780 resistance level will determine the next major move.
If the resistance breaks: 🟢 Expect further upside momentum, making a BUY (Long) position favorable.
If the resistance holds and price rejects: 🔴 A downward correction is likely, making a SELL (Short) position ideal.
Final Advice:
Wait for a clear breakout or rejection before making a trade. Let the price confirm its direction, and then take action accordingly
In June, central banks reported a net gold purchase of 12 tons, reflecting a 7% decrease compared to May. This decline suggests weaker demand, potentially adding downward pressure on gold prices. (Source)
China Stops Gold Purchases:
China’s central bank halted gold buying after 18 consecutive months of accumulation. This decision has led to a drop in gold prices in global markets and could signal a shift in the previous bullish trend. (Source)
Conclusion & Trading Recommendation
Given the technical analysis and recent news, gold is currently in a critical zone. The $2,766 - $2,780 resistance level will determine the next major move.
If the resistance breaks: 🟢 Expect further upside momentum, making a BUY (Long) position favorable.
If the resistance holds and price rejects: 🔴 A downward correction is likely, making a SELL (Short) position ideal.
Final Advice:
Wait for a clear breakout or rejection before making a trade. Let the price confirm its direction, and then take action accordingly
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