Gold is bound to have a big market! Beware of unexpected "explosive" US PCE inflation data. How to trade gold?
In early European trading on Friday, spot gold maintained its rebound trend during the day, and currently, the price of gold is around 2371 US dollars/ounce. Dhwani Mehta, the senior analyst at FXStreet, stated in her latest article on Friday that so far, on Friday, the gold price has successfully held the key support level near 2360 US dollars/ounce. Traders are now turning their attention to the US PCE price index.
Gold market analysis: usa's GDP in the second quarter grew more than expected, and gold profits were given back with a deep correction.
Bank of China's Guangdong Provincial Branch's Wang Gang said that the latest data has strengthened confidence in the soft landing of the US economy, that is, the high interest rate set by the Federal Reserve can control inflation. Federal Reserve officials have clearly stated that they are prepared to begin cutting interest rates soon as inflation approaches the target level of 2%, with market widely anticipating a cut in September. However, recently, due to the significant rise in gold prices, investors may make some profit adjustments, which will exacerbate the selling pressure for gold. The rise in gold price is only a matter of time, and if PCE shows further decline in inflation or stoke investors' interest in continuing to hold gold long positions.
Global investors are scrambling to avoid the impact of the "US election"! Is gold one of the safe havens?
Investors are wary of further sell-offs and are looking at small-cap stocks, United Kingdom assets, and gold as possible safe havens.
UBS Group: Gold is expected to reach $2,600 by the end of the year, and the target price for LME copper in the next 12 months is $0.012 million per ton.
UBS Group released a report on Wednesday, July 24, stating that the price of gold is expected to reach USD 2,600/ounce by the end of 2024 and USD 2,700/ounce by mid-2025, currently at USD 2,415/ounce. The target price for LME copper in the next 12 months is USD 0.012 million per ton.
Gold price plummets more than $27 in Asia! Gold is close to the second bearish target, and the latest gold trading analysis from well-known institutions.
At the end of Thursday's Asian session, spot gold maintained its sharp decline during the day, with the current price slightly below the $2,370/oz mark, a drop of more than $27 intra-day. According to Economies.com, the gold price has approached the second bearish target of $2,366.10/oz after the sharp decline.
Gold Market Analysis: Facing Important US Data Test, Gold Prices Remain Stable Near $2400.
Wang Gang, from Bank of China Guangdong Branch, said that this week, the market is awaiting the release of the second quarter GDP and June PCE data in the United States, but the performance of gold remains stable in the high range. This is mainly because the market is confident that the Fed will open the door to interest rate cuts in September, thus giving significant support to gold. Investors are looking forward to the data from Thursday and Friday to find clues for the Fed's interest rate cut path. If the data is not impressive, it will further solidify expectations of a Fed interest rate cut before September. This undoubtedly benefits the continued rise of gold.