Today (July 2) gold continues to trade sideways in a narrow range between 2,323 and 2,335, with a limited recovery starting. This is because gold is still facing selling pressure around the first resistance level, the supply zone, while there is pressure from the recovery in US bond yields, including the strong dollar index today. This is partly due to the yen. Continued decline in value and recently, economists from BNP Paribas expected Japan’s GDP to contract by 0.4% in 2024, which was revised down from the previous estimate that it would still expand slightly. In addition, the dollar index received support from the weak euro and after the eurozone CPI inflation slowed from the previous month, close to expectations, investors were cautious about buying. To follow Jerome Powell’s comments and the employment numbers. Which are gradually being released this week
advice
• We recommend taking the risk of opening a speculative short-term sell position if the price cannot stand above the resistance level of $2,339-2,354 per ounce.
• Gradually approaching profit taking. If it does not break out of the support area of $2,306-2,294 per ounce.
• Cut losses on short positions. If the price breaks the resistance level of $2,354 per ounce.
This article was produced by YLG Bullion International.
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