Daily Analysis XAUUSD - 31 July 2023
The gold price (XAU/USD) remained relatively stable but slightly lower as investors prepared for important US employment and activity data this week. Despite printing the first weekly loss in four, the yellow metal's recovery on Friday was not enough to impress. The positive US growth numbers, combined with the Federal Reserve's readiness for further rate hikes, exerted downward pressure on the gold price last week. However, the softer readings of the Fed's preferred inflation gauge, the US Core Personal Consumption Expenditure (PCE) Price Index for June, provided some support to the XAU/USD price.
Lately, the market sentiment has been mixed, even with China's stimulus measures and Japan's bond buying. This has allowed the US Dollar bulls to regain strength, which in turn, put further pressure on the gold price as investors brace for this week's crucial US employment and PMI data.
The gold price found support at the 142.00 level and recovered toward the 1964 resistance level. The yield improvement is going up and is affecting the gold price down.
Resistance 3 |
Resistance 2 |
Resistance 1 |
Support 1 |
Support 2 |
Support 3 |
1982 |
1970 |
1960 |
1940 |
1931 |
1920 |