◽️ Last week Gold closed with negative red prices and shows us that the short-term sentiment is still bearish.
◽️ Last downside movement despite the G7 news that four members decided to ban imports of Russian gold and also US Durable Goods Orders helps this falling.
◽️ Gold is ranging between buyers due to the favorable price of $1,800 and sellers with the Risk of rising interest rates around the world.
◽️ Eurozone inflation hit 8.6% year-on-year in June, so we expect more globally hawkish policy. inflation is increasing and will be a roadblock for gold.
◽️ Gold prices will continue to pressure as the Federal Reserve moves to raise interest rates and we are ready for a new 75bp interest rate hike this month
🔻 Keep eyes on FOMC Minutes and US Nonfarm Payrolls data to catch US monetary policy
🔻 We are looking for sells gold on any jumps around $1825 – $1840