Shinobi_Pips

China, India news weigh on gold

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Shinobi_Pips Mis à jour   
TVC:GOLD   CFD sur Or (US$/OZ)
Downbeat headlines surrounding China and India, the two biggest gold consumers, also exert downside pressure on the gold price.

On Tuesday, the World Gold Council (WGC) marked a 2.0% yearly fall in the gold demand as higher interest rates by major central banks dent the physical demand of the gold.

More importantly, WGC India’s regional chief executive officer Somasundaram PR said, per Reuters, “India’s gold demand in 2023 could fall 10% from a year ago to their lowest in three years, as record high prices are dampening retail purchases.” That said, the WGC official expects a fall in New Delhi’s XAU/USD demand to 700 metric tons in 2023 from 774.1 metric tons a year ago.

On the other hand, downbeat China data and fears of the Sino-US tension flag challenges for the dragon nation’s economic recovery even if Beijing unveils multiple stimulus to defend the transition. That said, China’s Caixin Manufacturing PMI for July fails to trace its upbeat NBS counterpart while declining to 49.2 for July from 50.5 prior, versus 50.3 market forecasts, marking the lowest level since January. Further, China's Commerce Ministry announced restrictions to drone exports in retaliation to the US tech and trade war tactics by citing the “national security” measures.

It’s worth observing that the recent improvements in the Indian and Chinese equities, however, restrict the downside of the Gold Price.

GOLD BUY LIMIT 1945 - 1947

TP1: 1952
TP2: 1958

SL: 1940
Commentaire:
China, India news weigh on XAU/USD
Commentaire:
RUNNING . +40PIPS
Commentaire:
China's Caixin manufacturing PMI fell to 49.2 in July, the lowest level since January, which weighed on gold prices making China a huge gold consuming market.
Commentaire:
Markets are also closely watching the upcoming US ISM export PMI products for July and JOLTS vacancies for June, which could impact gold prices.
Commentaire:
Gold price is still in a correction phase after creating a double top pattern at the 1972 price range to the maximum, now the price is trading in 1957, the structure is still falling and there is no sign of turning up again.

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