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Gold and Silver: The Price is Stable all Day 

  • During the Asian trading session, the price of gold remains in a bearish embrace.
  • Today’s silver price movement is taking place below the $19.00 level.
  • Recently, the International Monetary Fund (IMF) released new forecasts for the US economy, raising concerns about the previous memo from the White House.

Gold chart analysis

During the Asian trading session, the price of gold remains in a bearish embrace. South Korea and New Zealand raised their reference rates today. The rises in interest rates worldwide are the main reason for the drop in the price of precious metals. A 0.75% increase in the US in July looks like a real thing. The price of gold is trading around $1,728.5 per fine ounce, representing a price increase of 0.20% since the start of trading tonight. US inflation data for June will be released later. Expectations are that inflation could accelerate from 8.6% to 8.8%. Today, gold prices are traded in the range of $1720-1730. We need a break above the $1730 level for a bullish option. With the continuation of bullish consolidation, the price could rise to the $1740 level. Last week, our resistance zone was at the $1750 level. We need a negative consolidation and a price drop to the $1720 support zone for a bearish option. Potential lower targets are $1710 and $1700 levels.

Gold chart analysis

Silver chart analysis

Today’s silver price movement is taking place below the $19.00 level. The price is stable all day without major movements. Today’s minimum price was $18.82. All market players are waiting for the inflation report in the United States. A delayed recovery to the $19.25 and $19.50 levels is possible. Due to the potential recession at the world level, the price of silver could continue its bearish trend that started in March this year. The July minimum was at $18.62; if a break occurs, the targets are the $18.50 and $18.25 levels. If that happens, we will look for greater support at the $18.00 level.

Silver chart analysis

Market overview

Gold price waiting for US inflation report

The price of gold was shaken mainly by the Fed’s 75 basis point hike and the announcement of more interest rate hikes. Gold remains directionless as traders remain wary of key US inflation, especially after record-high one-year US inflation expectations and hawkish Fed bets. Also underscoring the importance of the US CPI is the recent downward revision of the IMF’s economic forecasts.

Recently, the International Monetary Fund (IMF) released new forecasts for the US economy, raising concerns about the previous memo from the White House. In addition, the IMF is reducing the US GDP growth projection for 2022 to 2.3% from 2.9% at the end of June due to revised US data.



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