Tuesday, 3 August 2021

Comment on Gold on August 3, 2021

  - In yesterday's trading session, after falling to 1805 precious metals Gold bounced up around 1819, closing the day session with a bearish candle with not much downward force.  With the end of the daily candle with the bearish force starting to wane plus the price still standing above the 1810 price zone, in my personal opinion in today's session we can start waiting to buy in.  around this price.  The expected target will be around the price of 1825.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Fed Governor Waller: The Fed may announce a reduction in debt purchases before September.

 - The text of the bipartisan infrastructure agreement completed this week is expected to vote on the bill.

 - US Treasury Department's cash balance drops to $459 billion.

 - US ISM manufacturing unexpectedly fell back in July, Markit manufacturing PMI hit a new high.

 - International Monetary Fund: USD valuation could be overvalued by 8.2%.

 - The size of euro governments and investment-grade corporate bonds hit record highs.

 - China Caixin manufacturing PMI fell to 50.3 in July, the lowest level since May 2020.

 2️⃣ Financial facts and data today

 - Reserve Bank of Australia announced the solution on interest rates

 - the monthly rate of PPI in the euro area for June will be announced

 - the monthly US factory order rate for June will be published.

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Monday, 2 August 2021

Trading Update on August 2, 2021

  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.

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Comment on Gold on August 2, 2021

  In the last week's trading session, precious metal Gold had bounces 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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