XAUUSD-After the market decline, where is the point to buy back?
New reports on the release have shown that US development continues to "cool down" and the job market also shows signs of weakness. Specifically, the consumer price index (CPI) of the US in July increased by 3.2% over the same period last year, slightly lower than the forecast of 3.3% of experts. CPI recorded a 3.0% increase in the June report. Meanwhile, the US weekly jobless claims report was slightly higher than expected. Although both reports are tilted in favor of the US Federal Reserve (Fed) will ease monetary policy, it does not seem to be enough to reverse the trend for gold. The data could not provide much traction for this precious metal amid the USD continued to rise. Early this morning, the US Dollar Index rose 0.13% to 102.63 points, continuing to attract gold's appeal to buyers holding other currencies.
In the context of surrounding difficulties, experts are still optimistic because the demand for gold by central banks is still very large. According to the latest international financial statistics released by the International Monetary Fund (IMF), central banks continuously increased their gold reserves in July.
China bought 23 tons of gold in July and noted that the country bought 126 tons of gold through 2023, increasing its official reserves to 2,136 tons.
In the context of surrounding difficulties, experts are still optimistic because the demand for gold by central banks is still very large. According to the latest international financial statistics released by the International Monetary Fund (IMF), central banks continuously increased their gold reserves in July.
China bought 23 tons of gold in July and noted that the country bought 126 tons of gold through 2023, increasing its official reserves to 2,136 tons.
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In the context of surrounding difficulties, experts are still optimistic because the demand for gold by central banks is still very large. According to the latest international financial statistics released by the International Monetary Fund (IMF), central banks continuously increased their gold reserves in July.
✅ TP1: 1923
✅ TP2: 1930
🛑 SL: 1909