◽️ After weeks, gold prices ended the week with a 2% gain because of Less hawkish Fed talks and gave hopes to gold buyers

◽️ Jerome Powell said that further aggressive tightening remains possible because we don’t see any cessation sign in the market and we are focused on employment data.

◽️ But Commodities, risky assets, stocks, and gold grew, only for one reason, The Fed said there is a possible slowing of rising interest rates and we would remain data-dependent.

◽️The space for gold is growing up to $1785-$1800 available, but it is still too early to be sure about the upward trend because we still have the hawkish policies of the USA.

🔻 We have to pay attention to Friday’s NFP report and Unemployment Rate because they show the next road map for FED

🔻 We predict a lower number for NFP, so we will spect the growth of gold next week

◽️ Technically, gold has formed its price floor and is supported on $1680-$1690 area

◽️ Most markets and stocks, as well as high-beta assets, were all bearish, it can be a little hopeful for gold

◽️ Dcline of the dollar index, It seems that all the hawkish monetary policies of the FED are priced in the market and probably, we won’t see big moves in the dollar again

◽️ Along with the dollar, there are signs that the peak in real yields may be behind us, which could be another driver for gold growth.

◽️ Downside risks for the euro zone, as well as the energy crisis, put pressure on this currency and increase the possibility of gold and USD Growth

🔻 A slowdown in the U.S. economy could slow the Fed’s actions. last week, S&P Institute data showed a reduction in economic production and services, so there is a retreat possibility for raising 75bp interest rates by FED

🔻 $1750 is the first and important resistance level

◽️ We are having the worst weeks for gold. The US dollar is at its turning point, the price of gold has dropped to its lowest level in the past one year, and the euro has reached parity after 20 years.

◽️ Last week’s economic data showed that with all the FED pressures and interest rate hikes US economy is still buoyant.

◽️ As a result, The FED’s leeway for interest rate hikes has increased. In such an environment, real yields have risen along with the dollar index, both of which are putting downward pressure on the Gold.

◽️ Gold will not rise unless there are some signs of dovish and less hawkish from the Fed monetary policy.

◽️ Note that US inflation has reached 9.1% and the Federal Reserve will eventually try to curb this inflation.

🔻 In technical view, there aren’t any significant support/buyer in gold low levels. So you have to be a little cautious to buy gold.

🔻 In our opinion, Best decision for gold, is waiting for any revision of the FED’s economic pressure policies

◽️ Gold disappointed traders last week and recorded 4% decrease, lowest price in the last two months

◽️ FED consensus for hike another 75bp interest rates to suppress inflation, so gold will continue to trade in confusion next week.

◽️ But the point is that with the previous FED pressures and the global consensus for ordering the supply of energy, we saw some commodities prices decrease last weeks.

◽️ As a result, there is a possibility of reductions in prices, then the lower CPI index release can be healing for gold growth.

◽️ Gold is in the good support levels, and we can predict a short-term retracement in prices

◽️ Recent drop is mostly due to the rise of the dollar index, and technicallyis is in OB level. So any correction becomes stronger

🔻 Gold is in a short trend, even with these support levels, We tend to be a spectator and wait for some long trend signs

🔻 Support levels are $1719 – $1687 and resistance levels on the way are $1762 – $1776 and $1808

◽️ 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