Gold decreased to a strong increase
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After last week's US jobs report, market forecasters said the Fed would cut interest rates in September from 50% to 70%.
World gold prices fell sharply due to profit-taking pressure from investors. Analysts say that this is normal activity when gold prices are at high levels in recent sessions.
According to experts, in the long term, gold prices still tend to increase. Precious metals are being supported by last week's statements by US Federal Reserve Chairman Jerome Powell about loosening monetary policy. It is likely that the Fed will cut interest rates in September and will likely cut again in December.
After the gold price increased sharply to 2,391 USD/oz, many investors quickly took profits, especially in May and June 2024, China had 2 consecutive months of not buying gold. This week, the market's attention will be focused on Fed Chairman Jerome Powell's statement in testimony before Congress and US inflation data scheduled for release on July 11.
World gold prices fell sharply due to profit-taking pressure from investors. Analysts say that this is normal activity when gold prices are at high levels in recent sessions.
According to experts, in the long term, gold prices still tend to increase. Precious metals are being supported by last week's statements by US Federal Reserve Chairman Jerome Powell about loosening monetary policy. It is likely that the Fed will cut interest rates in September and will likely cut again in December.
After the gold price increased sharply to 2,391 USD/oz, many investors quickly took profits, especially in May and June 2024, China had 2 consecutive months of not buying gold. This week, the market's attention will be focused on Fed Chairman Jerome Powell's statement in testimony before Congress and US inflation data scheduled for release on July 11.
Note
SELL gold 2362TP1: 2356
TP2: 2350
SL: 2370
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