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GOLD - Waiting for the trend to break and continue to go up

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Last night, the price of gold experienced unpredictable fluctuations due to China's economic growth in the second quarter of 2023, which was lower than the expected market growth of 6.9%. As a result, the precious metals market experienced some downward pressure.

Currently, gold prices remain above $1,950 an ounce, but analysts suggest that various factors need to be in place for the gold market to experience a significant breakthrough.

The gold market is highly sensitive to the Fed rate outlook, and it is too early to predict a rally in gold prices despite a recent increase of over $30.

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Market participants increase bets of a soon-to-come Federal Reserve’s pause.

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XAU/USD hovers around its daily opening, with the downside limited by broad USD weakness.

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Gold prices temporarily eased on Monday, with XAU/USD currently trading at around $1,954

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Financial market’s frenzy cooled down as investors gear up for first-tier events scheduled for the next week

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including central banks and yet another update on the United States inflation progress.

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The US Dollar recovered some of the ground lost after collapsing last week, although its gains are irrelevant