Gold prices fell modestly in early trading in the US on Friday. The calmness of the summer months and the absence of important news are an important factor here. Relying on technical analysis, the bears have taken control of their price action this week. This continued the downtrend observed on the daily charts for both gold and silver. August gold is currently down $4.90 at $1,913. July silver was down $0.201 to $22.39.
What does the data say?
Asian and European stock markets posted overall gains in relatively quiet overnight trading. As the New York daytime session begins, US stock indices are preparing for stronger openings. Today is of special importance for technically oriented traders as it is the last trading day of the week, month and quarter.
China released even more discouraging economic data today. The manufacturing sector of the country, the world’s second largest economy, continued to contract. June’s manufacturing purchasing managers’ index (PMI) was 49.0, slightly above May’s 48.8 and the consensus forecast of 49.0. In other news of the night, the Euro Area consumer price index for June increased by 5.5% year-on-year, below the May’s 6.1% and slightly below the consensus estimate of 5.6% for June.
Foreign markets and gold price
Turning to key foreign markets, the US dollar index remains relatively stable, while Nymex crude oil prices hover around $70.00 per barrel. In addition, the indicative 10-year US Treasury bond yield currently stands at 3.878%. From a technical standpoint, the gold futures market is in favor of the bears in the near term. The six-week downtrend continues on the daily bar chart.
What’s the next target for traders looking to rise? A close above the solid $2,000 resistance level in August futures. Against this cryptocoin.com Looking ahead, the bears’ immediate downside target is to push prices below the strong $1,900 technical support level. Initial resistance is at $1,917, the nightly high. It also sits at this week’s high of $1,943. The first level of support is at $1,908.10, the nightly low. Afterwards, $1,900 acts as the next support. Wyckoff’s Market Rating: 4.0
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.