XAU rebounded after USD weakened
The second shock from a major player in the market caused profit-taking pressure to skyrocket.
World gold pressure dropped from the July 8 session after news that the Central Bank of China (PBOC) stopped buying gold for the second consecutive month in June. According to PBOC's announcement, the amount of gold bars held by the bank As of the end of June, this was unchanged at 72.8 million ounces.
This information is contrary to some sources saying that China returned to buying gold in June.
World gold prices increased rapidly after US Federal Reserve Chairman Jerome Powell made less hawkish statements on monetary policy. Investors bet on the possibility that the Fed will lower interest rates at its September meeting.
The USD is forecast to decrease following the Fed's trend of cutting interest rates, thereby positively affecting gold prices.
World gold pressure dropped from the July 8 session after news that the Central Bank of China (PBOC) stopped buying gold for the second consecutive month in June. According to PBOC's announcement, the amount of gold bars held by the bank As of the end of June, this was unchanged at 72.8 million ounces.
This information is contrary to some sources saying that China returned to buying gold in June.
World gold prices increased rapidly after US Federal Reserve Chairman Jerome Powell made less hawkish statements on monetary policy. Investors bet on the possibility that the Fed will lower interest rates at its September meeting.
The USD is forecast to decrease following the Fed's trend of cutting interest rates, thereby positively affecting gold prices.
Note
☄️XAUUSD SELL NOW 2369- 2372 💵✔️TP 2364
✔️TP 2358
❌SL 2377
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.