1️⃣ The main news last weekend
- The annual rate of the core PCE price index in the US in June hit a new high.
- Fed Brad: The QE reduction will begin this fall and end in March next year.
- Fed Governor Brainard: Will assess conditions to slow down asset purchases.
The Fed's reverse buyback demand exceeded $1 trillion for the first time in history.
- The Russian Ministry of Energy asked the government to ban the export of gasoline which could last for at least three months.
2️⃣ Notable events and data today
- China July Caixin Manufacturing PMI will be released
- The final value of the eurozone manufacturing PMI for July will be published
- The final value of the Markit Manufacturing PMI in the United States will be published in July.
- Reminder: The Toronto Stock Exchange in Canada is closed for one day.
📕 Comment on Gold on August 2, 2021:
- In the last week's trading session, precious metal Gold had bounced from 1792 to 1832, closing the week's session with a rising green candle, but in general, compared to the previous 2 weeks, the momentum The increase is not too strong and there is selling pressure when it hits the resistance level of 1832 and in my opinion, this precious metal will have another drop before rebounding.
- Moving to the shorter-term H4 time frame, we can see that this precious metal is currently hitting the short-term support around the 1812 price level and possibly recovering to the 1820-1823 level. This is also the price range I expect Gold to recover to establish a sell-down position in today's session. The expected target of this sale is around 1805-1808.
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