DeGRAM | GOLD forming the ascending wedge📊 Technical Analysis
● Price is coiling inside an ascending flag that is riding the new support line at 3 342; flag range compression after each pull-back signals energy for a thrust.
● The pattern sits above the old channel roof, turning the former resistance into a launch pad; measured move of the flag points to the next confluence at 3 435.
💡 Fundamental Analysis
● US jobless claims ticked up while 10-yr yields slipped under 4.30 %; lower carry costs and renewed Chinese reserve buying reported by Reuters keep dip-buyers active in bullion.
✨ Summary
Buy 3 330-3 350; flag break targets 3 435, stretch 3 500. Invalidate on a 4 h close < 3 245.
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Commodities
Gold Rejected at Resistance, Targets $3,305 & Below Gold ( OANDA:XAUUSD ) rose to $3,400, as I expected in my previous idea .
Gold is trading near the Resistance zone($3,387-$3,357) and has failed to break the resistance zone validly .
In terms of Elliott Wave theory , it seems that Gold has managed to complete the microwave 5 of the main wave C with the help of Expanding Ending Diagonal . It was a corrective Zigzag(ABC/5-3-5) structure .
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
I expect Gold to touch $3,305 after breaking the lower line of the ascending channel at the first target and then decline to the Support zone($3,281-$3,245) and Monthly Pivot Poin t.
Note: Stop Loss(SL)= 3394.000
Gold Analyze ( XAUUSD ), 4-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
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XAUUSD Analysis today : Drop to monthly support?XAUUSD with NFP breakdown from significant daily support price has dropped nearly to monthly support and may continue to drop to retest the monthly support? As there is a rejection from the monthly high and the market is almost nearly to monthly gap open, it is highly likely price may retest the monthly support.
As with new monthly open, we see price has retraced to the significant intra day resistance to retest the level 3328.00
As the market started to reject back to the major direction of the trend, it is mostly probable that the price may continue to drop to this long term support level
3289.32
USOIL:Wait 63.6-64 to go long
Affected by last week's data, crude oil directly broke through the short-term pressure 64, technical point of view of the daily track upward opening, 64.8 position basically can not hold, and once the break open the space for rise, the rise has just begun;
After breaking from the early continuous shock to a strong unilateral, the market will at least continue a wave of strength, pay attention to 63.6-64 range to do more, or the European market force to rise, the United States is also more, now is to see a strong break.
Trading Strategy:
BUY@63.6-64
TP: 65-65.2
↓↓↓ More detailed strategies and trading will be notified here ↗↗↗
↓↓↓ Keep updated, come to "get" ↗↗↗
What is a Fibonacci Sequence and Its Application in Forex?What is a Fibonacci Sequence?
The Fibonacci sequence is a series of numbers where each number is the sum of the two preceding ones, typically starting with 0 and 1 (e.g., 0, 1, 1, 2, 3, 5, 8, 13, 21, ...). In trading, the Fibonacci retracement levels are derived from key ratios (23.6%, 38.2%, 50%, 61.8%, and 100%) based on this sequence. These levels are used to identify potential support and resistance zones where price reversals or continuations may occur.
Application in Forex
In Forex trading, Fibonacci retracement is a popular technical analysis tool applied to chart price movements to predict future price action:
- Identifying Support and Resistance**: Traders draw Fibonacci levels between a significant high and low on a chart. For example, after a price drop, the 61.8% retracement level often acts as support where the price might bounce back.
- Entry and Exit Points**: Forex traders use these levels to determine optimal entry points (e.g., buying near a 50% retracement) or exit points (e.g., taking profit near a 23.6% retracement after a rally).
- Stop-Loss and Take-Profit**: Fibonacci levels help set stop-loss orders below support (e.g., below 61.8%) or take-profit targets near resistance (e.g., 38.2% or 50%).
- Trend Confirmation**: In a downtrend, if the price retraces to the 38.2% level and resumes falling, it confirms the bearish trend. Conversely, a break above this level in an uptrend may signal bullish momentum.
Example in Practice
On the XAU/USD chart, if the price drops from 3.344.70 USD to 3.312.570 USD, Fibonacci levels can be plotted. The 38.2% retracement might fall around 3.330 USD, serving as a potential support zone for traders to watch.
Did Gold Just Sweep the Low for a Reversal?After a clean sweep of the Previous Day’s Low (PDL) on XAUUSD, price reacted sharply, grabbing liquidity and signaling a possible shift in order flow. This forms the first pillar of my CRT model (Candle Range Theory) : Sweep, Break, Retest .
Following the sweep, we observed a strong Break of Structure (BOS) , indicating bullish intent. We will then wait for price to retrace back to a FVG at a discount, and then execute the trade.
The stop loss was logically placed just beneath the PDL sweep and FVG zone, protecting against deeper liquidity hunts. Take profit targets the next high where resting buy-side liquidity is likely to be engineered.
This setup checks all the boxes:
Sweep of PDL ✅
BOS confirming shift ✅
FVG retest for refined entry ✅
Solid RR and clean narrative ✅
This is a great example of how patience and a structured approach can create high-probability setups.
WTI Oil H1 | Falling toward a pullback supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 63.76 which is a pullback support that aligns with the 23.6% Fibonacci retracement.
Stop loss is at 62.70 which is a level that lies underneath a swing-low support and the 38.2% Fibonacci retracement.
Take profit is at 65.44 which is a resistance that aligns with the 78.6% Fibonacci projection.
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Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Losses can exceed deposits.
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Gold H4 market update trading in well defined range📉 Gold Holds Steady: Prices are hovering around $3,310–$3,330/oz, restrained by mild USD strength and U.S.–China trade optimism.
🤝 Trade Talks Influence: Rising optimism ahead of U.S.–China discussions has reduced safe-haven demand, keeping gold subdued.
📊 Technical Watch: Gold is testing the $3,300 mark, with support around the 20‑day SMA—failure to hold could spark a dip toward $3,265.
🔮 Resistance Challenge: Bulls face a tough fight near $3,350–$3,377; a breakout above this could clear the path to $3,500.
💼 U.S. Labor Data: Recent strong jobs numbers (May +139k) have tempered expectations of early rate cuts, supporting the USD and pressuring gold.
💰 ETF & Investment Trends: ETF inflows remain firm; a recent Kitco survey shows mainstream and retail investors growing more bullish.
🌍 Safe‑Haven Sentiment: Geopolitical and economic uncertainties (e.g., trade, weak U.S. data) continue to lend underlying support to gold.
⚖ Range-Bound Near Term: Expect consolidation between $3,300–$3,350 as markets await U.S. CPI and further trade news.
📉 Bearish Short‑Term Bias: Syndicate notes a neutral-to-bearish setup—momentum indicators like RSI and stochastics remain soft.
🏠 Med-Term Outlook Bullish: Despite near-term volatility, fundamentals and technical trends favor a gradual climb toward $3,500+ this year.
📊 Technical Outlook Update
🏆 Bull Market Overview
▪️pullback in progress currently
▪️3500 USD heavy resistance
▪️Re-accumulation in progress now
▪️focus on buying low selling high
▪️Expect re-accumulation into June
▪️Downside capped by 3 200 USD
▪️short-term expecting range action
▪️Bulls still maintain strategic control
⭐️Recommended strategy
▪️Accumulate in range
▪️Closer to 3.2K S/R zone
▪️Bears focus on selling high
Gold Price XAU/USD: Downtrend and OpportunitiesGold FX:XAUUSD Price XAU/USD Analysis Today: Downtrend Signals, What Opportunities for Investors? Updated at 13:57 on 09/06/2025 (+07) - The 1-hour trading view chart for the XAU/USD (Gold Spot / U.S. Dollar) pair indicates that gold prices are experiencing a significant decline, drawing attention from investors. Let’s dive into a detailed analysis of the current trend and short-term outlook based on the latest data.
Current Gold Price and Recent Movements According to the chart, the spot gold price is currently fluctuating around 3.322.44 USD/ounce, down 0.24% in the latest trading session (as of 13:56 UTC-7). The highest point in the past hour reached 3.323.020 USD, while the lowest was 3.312.570 USD. A clear downtrend began from a local peak near 3.344.70 USD, with dominant red candlesticks reflecting strong selling pressure.
Technical Analysis Support and Resistance: The nearest support level is around 3.300 USD, where the price may find buying interest to rebound. The next key resistance level is 3.350 USD, a threshold that the price has failed to break in the recent session. If selling pressure persists, a deeper support level could be 3.280 USD. Trading Volume: Trading volume spiked during the decline, particularly between 6 AM and 7 AM (UTC), indicating significant participation from investors offloading their positions. Market Momentum: The price is currently below the short-term moving average, signaling a bearish trend in the short term. However, if the price holds above 3.300 USD, it could open opportunities for a recovery toward 3.330-3.350 USD. Factors Influencing Gold Prices Recent U.S. economic data, particularly the non-farm payrolls report, may be the primary driver behind the pressure on gold prices. A stronger U.S. dollar and rising bond yields have reduced gold’s appeal. Additionally, global market sentiment, including geopolitical factors and the upcoming CPI data release on June 11, 2025, will also impact the next trend.
Outlook and Investment Suggestions Short-Term: With the current decline, investors might consider buying in the support zone of 3.300 USD if reversal signals appear (e.g., a strong bullish candlestick or increased buying volume). However, caution is advised if the price breaks below 3.280 USD. Long-Term: The bullish trend for gold remains intact due to demand from central banks and its role as a safe-haven asset. This could be an opportunity to accumulate if the price corrects further. Conclusion The XAU/USD gold price is facing downward pressure in today’s trading session, but the 3.300 USD support level is a critical point to watch closely. Investors should combine technical analysis with economic news to make informed decisions. Stay updated regularly to seize opportunities in this volatile market!
SEO Keywords: Gold price today, XAU/USD analysis, gold price forecast 2025, gold investment, gold support and resistance, latest gold news.
Gold on Watch: Rebound or Just Another Dip?Hey traders, let’s take a closer look at what’s happening with gold this week.
After multiple failed attempts to break above the 3,385 USD resistance, XAUUSD has continued to retreat, searching for fresh momentum. As the new week begins, price action is hovering around the psychological 3,330 USD level, with no clear signs of a bottom yet.
At the moment, gold remains under pressure, weighed down by the U.S. dollar’s strength in global markets. Still, weekly sentiment among analysts is split: 7 are bullish, 6 are bearish, and 1 expects prices to hold steady.
Retail traders, however, seem more optimistic. In a recent online poll of 256 participants, 66% predicted gold would rise, 15% saw a drop, and the rest expected sideways movement.
All eyes are now on upcoming economic news that could tip the scales. Personally, I'm leaning toward a recovery — how about you?
XAUUSD H4 I Bearish ReversalBased on the H4 chart analysis, we can see that the price is rising toward our sell entry at 3327.70, which is a pullback resistance aligning with a 38.2% Fibo retracement.
Our take profit will be at 3286.88, a pullback support level.
The stop loss will be placed at 13363.76, an overlap resistance.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (tradu.com/uk ):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (tradu.com/eu ):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Global LLC (tradu.com/en ):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to Tradu (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Heatwaves and Wheat: How Temperature Shocks Hit Prices🌾 Section 1: The Wheat–Weather Connection—Or Is It?
If there’s one crop whose success is often tied to the weather forecast, it’s wheat. Or so we thought. For decades, traders and analysts have sounded the alarm at the mere mention of a heatwave in key wheat-producing regions. The logic? Excessive heat during the growing season can impair wheat yields by disrupting pollination, shortening the grain-filling period, or damaging kernel development. A tightening supply should lead to price increases. Simple enough, right?
But here’s where the story takes an unexpected turn.
What happens when we actually analyze the data? Does heat reliably lead to price spikes in the wheat futures market? The short answer: not exactly. In fact, our statistical tests show that temperature may not have the consistent, directional impact on wheat prices that many traders believe it does.
And that insight could change how you think about risk, seasonality, and the role of micro contracts in your wheat trading strategy.
📈 Section 2: The Economics of Wheat—And Its Role in the Futures Market
Wheat isn’t just a breakfast staple—it’s the most widely grown crop in the world. It’s cultivated across North America, Europe, Russia, Ukraine, China, and India, making it a truly global commodity. Because wheat is produced and consumed everywhere, its futures markets reflect a wide array of influences: weather, geopolitics, global demand, and speculative positioning.
The Chicago Board of Trade (CBOT), operated by CME Group, is the main venue for wheat futures trading. It offers two primary wheat contracts:
Standard Wheat Futures (ZW)
Contract Size: 5,000 bushels
Tick Size: 1/4 cent per bushel (0.0025) has a $12.50 per tick impact
Margin Requirement: Approx. $1,700 (subject to change)
Micro Wheat Futures (MZW)
Contract Size: 500 bushels (1/10th the size of the standard contract)
Tick Size: 0.0050 per bushel has a $2.50 per tick impact
Margin Requirement: Approx. $170 (subject to change)
These micro contracts have transformed access to grain futures markets. Retail traders and smaller funds can now gain precise exposure to weather-driven moves in wheat without the capital intensity of the full-size contract.
🌡️ Section 3: Weather Normalization—A Smarter Way to Measure Impact
When analyzing weather, using raw temperature values doesn’t paint the full picture. What’s hot in Canada might be normal in India. To fix this, we calculated temperature percentiles per location over 40+ years of historical weather data.
This gave us three weekly categories:
Below 25th Percentile (Low Temp Weeks)
25th to 75th Percentile (Normal Temp Weeks)
Above 75th Percentile (High Temp Weeks)
Using this approach, we grouped thousands of weeks of wheat futures data and examined how price returns behaved under each condition. This way, we could compare a “hot” week in Ukraine to a “hot” week in the U.S. Midwest—apples to apples.
🔄 Section 4: Data-Driven Temperature Categories and Wheat Returns
To move beyond anecdotes and headlines, we then calculated weekly percent returns for wheat futures (ZW) for each of the three percentile-based categories.
What we found was surprising.
Despite common assumptions that hotter weeks push wheat prices higher, the average returns didn’t significantly increase during high-temperature periods. However, something else did: volatility.
In high-temp weeks, prices swung more violently — up or down — creating wider return distributions. But the direction of these moves lacked consistency. Some heatwaves saw spikes, others fizzled.
This insight matters. It means that extreme heat amplifies risk, even if it doesn't create a reliable directional bias.
Traders should prepare for greater uncertainty during hot weeks — an environment where tools like micro wheat futures (MZW) are especially useful. These contracts let traders scale exposure and control risk in turbulent market conditions tied to unpredictable weather.
🔬 Section 5: Statistical Shock—The t-Test Revelation
To confirm our findings, we ran two-sample t-tests comparing the returns during low vs. high temperature weeks. The goal? To test if the means of the two groups were statistically different.
P-Value (Temp Impact on Wheat Returns): 0.354 (Not Significant)
Conclusion: We cannot reject the hypothesis that average returns during low and high temp weeks are the same.
This result is counterintuitive. It flies in the face of narratives we often hear during weather extremes.
However, our volatility analysis (using boxplots) showed that variance in returns increases significantly during hotter weeks, making them less predictable and more dangerous for leveraged traders.
🧠 Section 6: What Traders Can Learn from This
This analysis highlights a few key lessons:
Narratives aren’t always backed by data. High heat doesn’t always mean high prices.
Volatility increases during weather stress. That’s tradable, but not in the way many assume.
Risk-adjusted exposure matters. Micro wheat futures (MZW) are ideal for navigating weather-driven uncertainty.
Multi-factor analysis is essential. Weather alone doesn’t explain price behavior. Global supply chains, speculative flows, and other crops’ performance all play a role.
This article is part of a growing series where we explore the relationship between weather and agricultural futures. From corn to soybeans to wheat, each crop tells a different story. Watch for the next release—we’ll be digging deeper into more effects and strategies traders can use to capitalize on weather.
When charting futures, the data provided could be delayed. Traders working with the ticker symbols discussed in this idea may prefer to use CME Group real-time data plan on TradingView: tradingview.sweetlogin.com - This consideration is particularly important for shorter-term traders, whereas it may be less critical for those focused on longer-term trading strategies.
General Disclaimer:
The trade ideas presented herein are solely for illustrative purposes forming a part of a case study intended to demonstrate key principles in risk management within the context of the specific market scenarios discussed. These ideas are not to be interpreted as investment recommendations or financial advice. They do not endorse or promote any specific trading strategies, financial products, or services. The information provided is based on data believed to be reliable; however, its accuracy or completeness cannot be guaranteed. Trading in financial markets involves risks, including the potential loss of principal. Each individual should conduct their own research and consult with professional financial advisors before making any investment decisions. The author or publisher of this content bears no responsibility for any actions taken based on the information provided or for any resultant financial or other losses.
Heading into 61.8% Fibonacci resistance?WTI Oil (XTI/USD) is rising towards the pivot which is a pullback resistance and could drop to the 1st support.
Pivot: 66.66
1st Support: 60.10
1st Resistance: 71.18
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GOLD → Correction to 3275FX:XAUUSD and medium-term outlook: Friday's strong unemployment data strengthened the dollar and triggered a sell-off in gold. Money is temporarily flowing out of the metal and into currencies and the stock market...
Technically, gold is still in a bullish phase on the global timeframe. Logically, the situation is more reminiscent of a countertrend correction of the zone of interest before continuing growth.
Despite the rise in the DXY after Friday's news, the dollar is still under pressure from Trump, who is pushing for an early interest rate cut. This move could significantly shake the market (dollar down, gold up)
Locally, on the hourly XAUUSD timeframe, we can clearly see how the price is breaking out of the uptrend, thereby triggering a downward impulse.
Resistance levels: 3325, 3343
Support levels: 3303, 3275
The liquidity level of 3300 could act as a magnet for the price, from which a correction to the resistance of the range of 3325 could form (liquidity hunt), but due to the change in the fundamental background, gold may continue its correction to 3275 (support zone) before a possible continuation of growth.
Best regards, R. Linda!
Platinum's Quiet Ascent: What Drives Its New Value?Platinum, often operating in the shadow of gold, has recently experienced a significant surge in value, reaching multi-year highs and capturing considerable investor attention. This resurgence is not arbitrary; it stems from a complex interplay of industrial demand, tightening supply, evolving geopolitical dynamics, and a notable shift in investment sentiment. Understanding these underlying forces becomes crucial for investors seeking to decipher the trajectory of this vital industrial precious metal.
A primary catalyst for platinum's price rally is its strong industrial utility, particularly within the automotive sector, where it remains indispensable for catalytic converters. While the rise of battery electric vehicles presents a long-term shift, the robust growth in hybrid vehicle production continues to sustain demand. Critically, the market faces persistent physical deficits, with supply consistently falling short of demand for the past two years, a trend projected to continue into 2025. Mine output struggles due to disruptions in key producing regions, such as South Africa and Zimbabwe, and secondary supply from recycling has proven insufficient to bridge the growing gap.
Geopolitics and strategic investment further amplify platinum's upward trajectory. China has emerged as a pivotal market, with a sharp rebound in demand as consumers increasingly favor platinum for both jewelry and investment amidst record gold prices. This strategic pivot by the world's largest consumer market is reshaping global platinum price discovery, supported by China's initiatives to develop new trading ecosystems and futures contracts. Concurrently, renewed investor confidence is evident in growing inflows into platinum Exchange-Traded Funds (ETFs) and robust physical buying, with anticipated lower borrowing costs also enhancing its appeal.
In essence, platinum's current rally reflects a powerful combination of tightening supply and resilient industrial demand, underscored by strategic shifts in major consumer markets and renewed investor interest. As above-ground stocks gradually deplete and the market anticipates continued deficits, platinum is poised for a sustained period of relevance, offering compelling prospects for those who recognize its multifaceted value proposition.
GOLD Intraday Chart Update For 9 June 2025Good Morning Traders,
As you can see that market try to fill the previous week opening gap and in that situation we may wait for a while to fill the gap and buying zone is located at 3265-3285, once market gives us a bounce back it will may move back to 3330-3340 SBR Zone
however market try to sustain above 3300 Psychological Level but keep in mind US China Tariff Deal which is due in this week
also if market sustains below 3300 psychological level successfully then it will move towards 3245-55 zone and final destination maybe 3200 Psychological
Disclaimer: Forex is Risky
$META Short Swing - Fractal Repeat Play - Sub $600 Target@everyone 🔻 META Short Swing – Fractal Repeat Play 🔁
Entry Trigger: Week of June 10, 2025
Ticker: NASDAQ:META
Current Price: $697.71
Target Price: $593.66
Estimated Duration: ~3–4 weeks
Conviction: ★★★★★
🧠 Thesis:
This is a nearly perfect fractal repeat of META’s July 2024 top:
Identical weekly candle structure: topping wick into fib + supply zone
Weekly gap fill target lines up exactly again — same 15.5% drop
Wick gap fill = $593.66 (same confluence from 2024)
Bearish fib roadmap from 0.786 → 0.618 → 0.382
Volume and momentum exhausted on the run into $702
📉 Trade Plan:
Entry Range: $690–702 rejection zone
Stop Loss: Weekly close above $705
Primary Target: $593.66
This level completes the wick gap fill and matches 2024’s exact structure
Secondary Target (optional): $580.84 (full fib gap + demand retest)
🛠️ Options to Consider:
6/28 $650P or $640P – standard swing
7/5 $620P – for deeper move toward 0.382 and beyond
🔍 Setup Snapshot:
July 2024: -15.56% in 28 days
June 2025: Targeting -15.53% in 28 days
Same gap, same wick rejection, same fade roadmap
WTI(20250609)Today's AnalysisMarket news:
Fed Harker: Amid uncertainty, the Fed may still cut interest rates later this year. Musallem: There is a 50% chance that the trade war will lead to a sustained inflation outbreak. Tariffs may push up inflation within one or two quarters. The ECB cut three key interest rates by 25 basis points. Lagarde hinted that the rate cut cycle will end, and the market is no longer fully pricing in another 25 basis point rate cut this year.
Technical analysis:
Today's buying and selling boundaries:
63.43
Support and resistance levels:
65.29
64.60
64.14
62.71
62.26
61.56
Trading strategy:
If the price breaks through 64.14, consider buying in, with the first target price of 64.60
If the price breaks through 63.43, consider selling in, with the first target price of 62.71
Strong Dollar, Shaky Gold: Is It Time to Buy?Gold has returned to a weaker stance, trading around $3,309 during the U.S. session. The U.S. dollar gained some positive momentum as markets leaned toward the possibility that the Federal Reserve will keep its policy unchanged in July following the May report, causing XAU/USD to drop lower into the weekend.
Additionally, U.S. economic data released on the same day continued to show signs of cooling. Specifically, weekly jobless claims came in higher than both the forecast and the previous week's figures, while the U.S. trade deficit narrowed significantly in May.
The index measuring the dollar's strength against a basket of six major currencies remained nearly unchanged. Meanwhile, the yield on 10-year U.S. Treasury bonds rose, and real yields climbed by 2 basis points, putting downward pressure on gold prices.
Nevertheless, gold still maintains its long-term uptrend. This correction is seen as a better buying opportunity.