#XAU/USD# The weaken... dari jordan.juniorr

22 Jul 2022, 10:58 · Views 1,938

#XAU/USD# The weakening US dollar sentiment triggered by pessimistic data on the Philadelphia Fed Manufacturing Index and Unemployment Claims has supported the rise in gold prices on Thursday, ending up $21.57 at $1717.95. Gold was bought this morning (22/7), targeting the resistance at $1725 amid the weakening US dollar. However, if it moves down to a break below the $1714 level, it sells to test the support at $1712. Potential Asian session trading range at $1712 - $1725.

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#XAU/USD# #trading# Gold prices moved higher on Tuesday, ending up $5.47 at $1794.16 as it was triggered by the weakening US dollar sentiment behind the prospect of lower US inflation. Gold is likely to be sold this morning (10/8), testing the support at $1787 amid the outlook for a rebound in the US dollar on the back of the still maintained prospect of a rate hike by the US Federal Reserve. However, if it moves up until it breaks above the $1798 level, there is a chance to buy aiming at the resistance at $1800. Potential Asian session trading range at $1787 - $1800.

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NIKKEI The BOJ's decision to keep its benchmark interest rate on hold helped the Nikkei index rise 290 points to 27840 on Thursday. The Nikkei index is likely to be bought further this morning (22/7), targeting the resistance at 27900 amid the BOJ's dovish decision and Wall Street's strengthening outlook. However, if it moves down to below the level of 27640, there is a chance to sell it to test the support at 27600. The potential trading range for the Asian session is at 27600 - 27900.

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#GBP/USD# is also likely to move up in the short term amid the outlook for the weakening US dollar and the hawkish statement by the Governor of the Bank of England Andrew Bailey who said that a 50 bps rate hike would be one of the options at the next policy meeting. Later today the market will look for a catalyst from the release of UK CPI data at 13:00 WIB and UK HPI at 15:30 WIB.

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*Asia Session Market Brief, Tuesday 26 July 2022* GOLD #XAU/USD# Gold prices ended down $7.57 at $1719.60 on Monday as sentiment was fueled by a stronger US dollar and higher US bond yields. This morning (26/7), gold price has the opportunity to buy to test the resistance level of $1728 as long as the price stays above the support level of $1718. However, a decline lower than the support level is likely to trigger a sell-off against the gold price to test the next support level at $1712. The potential trading range in the Asian session is $1712 - $1728.

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