๐ Comment on Gold on July 23, 2021:
- In yesterday's session, precious metal Gold went standard as analyzed in the early morning when it was still in a sideways range when it fell to 1794 then bounced back to 1807. Once again Gold failed to break the zone. support 1794 and we will prioritize buying if gold drops there first today.
- As I have analyzed for many days, Gold will mostly move sideways in a large range of 1794-1818 and there will be no specific breakout and in my opinion today we will still hold this view if If gold breaks any boundary, we will hit that border. These are also support and resistance areas in today's session
Forex:
The euro fell and the dollar rose slightly, and fluctuations in risk sentiment kept trading volatile dแปch
On Wednesday, the US dollar hit its highest level in more than three months. Risk appetite fluctuated and US stocks closed slightly higher today, but orders to buy government bonds remained strong, dampening yields. Analysts said that although the US dollar has fallen from a three-and-a-half-month high, investors still have demand for the US dollar.
"Whether it's the US markets, global macroeconomics, epidemic concerns, or political risks, there is a risk," said Simon Harvey, senior forex market analyst at Monex Europe in London. a lot of uncertainty. I don't think the uncertainty is going to happen in the short term. So I think the dollar will continue to rise in the coming months."
European Central Bank President Lagarde did not make any comments at the press conference to change the market's cautious view of the euro area. She said the new wave of COVID-19 could pose risks to the region's recovery, but she pointed out that the economic outlook was more balanced.
While many other central banks are considering withdrawing stimulus measures during the pandemic, the European Central Bank has adopted a dovish bias after a recent strategic review, which is expected to keep the euro under pressure.
1️⃣ Yesterday's main news
- Gold used to increase more than 10 dollars and oil price continues to increase more than 2%.
- Claims for initial jobless claims increased again from the United States through July 17.
- Iran opens important oil pipeline that can pass through the Strait of Hormuz to transport crude oil.
US used-home sales in June rose for the first time in five months.
- The European Central Bank committed to a policy of "permanent easing" and revised future guidance on interest rates.
- Saudi Aramco hacked and demanded $ 50 million ransom.
- IMF: Will improve its concessional lending program, or "limit sale" of its gold reserves.
- The Tokyo Olympics opened today and only 950 people were present to watch the opening ceremony
2️⃣ Financial facts and data today
- Today will publish the initial value of the manufacturing PMI in France, Germany and the Eurozone in July.
- PMI of UK manufacturing and services sectors will be published in July.
- The initial value of the Markit Manufacturing and Services PMI will be published in July.
- Japan's Tokyo Stock Exchange is closed for one day due to the Sports Festival.
- At Saturday, the total number of US oil rigs for the week to July 23 will be announced.
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