As of 9:41 AM on July 22, the price of gold has experienced a slight decline amid the ongoing strength of the US dollar. At this time, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stands at 100.795 points (a 0.2% increase).
Investors are eagerly awaiting the Federal Reserve’s monetary policy meeting in July, scheduled for next week. Currently, the market appears confident that the Fed will decide on a 25-basis-point increase, and it is expected to be the final hike in this tightening cycle.
However, many analysts believe that with underlying inflation still high, the Fed may still need to maintain a “hawkish” stance, even if this meeting could mark the end of the tightening cycle.
Neils Christensen, an analyst at Kitco News, asserts that gold is still in an uptrend, and any significant price declines in gold present buying opportunities. He also predicts that next week will be an eventful week for gold.
On the other hand, Carsten Menke, an analyst at Julius Baer, suggests that the reversal in gold prices is due to the market’s anticipation that the Fed is nearing the end of its rate-hiking campaign.
Wang Tao, an expert at Reuters, mentions that failure to break the resistance level at $1,984 per ounce could lead to a significant correction.
TRADING RECOMMENDATIONS:
BUY around the price range of 1948-1953.
Stop Loss: 1944.
Take Profit 1: 1960.
Take Profit 2: 1970.
Take Profit 3: 1980.
SELL around the price range of 1985-1990.
Stop Loss: 1994.
Take Profit 1: 1975.
Take Profit 2: 1965.
Take Profit 3: 1955.
Note:
Trade with 1% of your account per trade.
Do not exceed 5% of your account capital within the nearest 10 price levels.
Always set Stop Loss (SL) and Take Profit (TP) to protect your profits and capital.
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