Various Reports

The succession of the rebound of futures contracts for gold prices
Gold futures prices provided volatile trades tilted to the upside during the Asian session, to witness its rebound to the fourth session from its lowest since April 15, due to the rebound of the US dollar index for the third consecutive session, and waiting for the economic data expected today, Tuesday by the American economy. At exactly 05:08 am GMT, gold futures contracts for August delivery rose 0.58% to trade at $1,797.90 an ounce, compared to the opening at $1,787.50 an ounce, knowing that the contracts started the session’s trading on an upward price gap after it concluded yesterday’s trading. at $1,783.30 an ounce, The markets are looking forward to revealing the final reading of the Institute of Service Supply Index by Markit for the United States, which may confirm the expansion.
Gold Weekly Forecast
XAU/USD fails to clear key resistance at $1,790

Gold closed the last three days of the week in the positive territory.
Key near-term resistance located at $1,790 remains intact.
FOMC will release June meeting minutes on Wednesday.

Following a consolidation phase in the previous week, gold stayed relatively calm on Monday but came under renewed bearish
pressure on Tuesday. After slumping to its lowest level since mid-April at $1,750, however, XAU/USD managed to stage a decisive
rebound and gained nearly 1% in a two-day span. Although the lack of fundamental drivers behind gold’s strength suggested that
the rebound was likely triggered by quarter-end flows, the broad USD weakness allowed the precious metal to extend its recovery
on Friday. Nevertheless, gold ended up closing the week little changed slightly above $1,780.
What happened last week
In the absence of high-tier macroeconomic data releases in the first half of the week, hawkish Fed commentary helped the
greenback stay resilient against its major rivals.

Richmond Fed President Thomas Barkin argued that inflation has reached substantial further progress and added that they can
start tapering as soon as they see the same progress on employment. Federal Reserve's Vice Chairman for Supervision Randal
Quarles said that the Fed is very mindful that they could be wrong on inflation pressures being temporary.

Moreover, Dallas Fed President Robert Kaplan reiterated that he would prefer to start reducing asset purchases before the end of
the year. On a similar note, Philadelphia Fed President Harker told the Wall Street Journal that he was in favour of the Fed starting
to pull back on bond-buying later this year.

Finally, the US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls in the US rose by 850,000 in June, surpassing
analysts’ estimate of 700,000. On a negative note, the Unemployment Rate edged higher to 5.9% while the Labor Force
Participation Rate remained unchanged at 61.6%. The USD struggled to preserve its strength following the jobs report and helped
XAU/USD post modest daily gains
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