- Gold PRICE has a lot with the US dollar index near its lowest level for three years before employment data in the United States.
Gold prices rose for the second consecutive session on Tuesday, as they installed the weakness of the wider dollar in the dollar to restore some traction after a sharp drop in the past two weeks. The yellow metal was traded at $ 3338 an ounce at the time of writing this report, by 1 % on the daily chart. While Israel’s stopping Iran has taken the geopolitical risk allowance from the price of gold, there is still an ingredient of uncertainty about Iranian nuclear negotiations with the United States, this provides some support.
The US dollar has decreased to the maximum period of three years against the leading global currencies, and a portion of its safe weight. The DXY index weighing Greenback was against six other popular currencies in 96.48 to this writing. However, with the deadline on July 9 for commercial negotiations as the United States approaches, commercial tariffs also provide some gold support. This may become stronger in the coming days, as investors weigh comments from senior Trump administration officials.
The macroeconomic data of the American economy will also be weighted, with a special focus on non -farm salary statements (NFP), and the unemployment and wage rate per hour. In the interrelated period, the letter of the Chairman of the Board of Directors of Procurement and Chairman of the Board of Directors of Fed Jerome Powell can add some motivation. Powell faces increasing pressure from President Donald Trump, who wrote to him on Monday, and criticized him for being “as usual too late” to reduce interest rates.
Gold price prediction
The axis of gold prices is preferred at $ 3332 and working above this level buying to remain in control. The price is likely to meet the first resistance at 3,342 dollars, but the strongest momentum can violate this barrier and send Xauusd pair up to a test of $ 3,350.
Instead, the transition to less than 3332 dollars will turn the momentum to the negative side. In this case, the gold price is likely to find initial support at $ 3,323. The collapse under this level will nullify the bullish direction. In addition, expanded control by sellers can pay the procedure to less and test 3,310 dollars.
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