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Geopolitical tensions are rising, coupled with the fact that U.S. Housing Starts in July fell to the lowest level in nearly a year and a half, have exacerbated market recession fears and favorable for gold prices. However, the Fed speech remains hawkish, it is expected that the minutes of the Fed meeting will be more hawkish, which will suppress the gold prices in the short term, showing that the price of gold is at war between long and short. Analysts believe that if the price of gold falls below the support near 1770, it may trigger a sharper fall; but if the minutes of the Fed meeting are not as hawkish as expected, gold prices are expected to start a new round of gains. Focus on the monthly rate of US retail sales in July tonight and the minutes of the Federal Reserve meeting tomorrow.
The trend of gold can be paid attention to…
-Latest news on the Russian-Ukrainian war
-14:00 UK CPI (MoM) (July)
-20:30 US Retail Sales (MoM) (July)
-21:30 Fed Governor Bowman delivers a speech
-02:00 The Federal Reserve releases the minutes of its monetary policy meeting (July)
-17:00 Eurozone CPI final value (YoY) (July)
-20:30 US Unemployment Claims for the week ending 8/13
-22:00 US Annualized Total Existing Home Sales (July)
Which will affect the trend of gold, and investors must seize the opportunity to place orders.
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.