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97.410

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3339.19

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      Gold Faces Resistance at the Head and Shoulders Top Pattern. Exercise Patience before Going Long as Short-term Correction Is Ongoing

      EconomicCommodity
      Summary:

      Gold prices continued to decline on Thursday after falling below US$3,300 on Wednesday. The downward pressure stemmed from the Federal Reserve's cautious stance and rising bond yields, which partially offset market concerns about escalating trade tensions.

      Buy XAUUSD
      EXP
      Trading

      3314.58

      ENTRY

      3389.00

      TGT

      3275.00

      SL

      3339.07 +15.26 +0.46%

      0

      Point

      Flat

      3275.00

      SL

      CLOSING

      3314.58

      ENTRY

      3389.00

      TGT

      Fundamentals

      U.S. President Trump has denied further delays to the August 1 tariff increases, announcing more aggressive measures. These include a 50% tariff on copper imports, a potential 200% tariff on pharmaceuticals, and a 10% tariff on BRICS nations' goods.
      A neutral outlook on a July rate cut by the Federal Reserve is another key factor weighing on gold prices. Last week's strong U.S. jobs report eased concerns about an economic slowdown, reducing expectations for upcoming monetary easing.
      New tariffs may exacerbate inflationary pressures in the U.S., potentially limiting the Federal Reserve's scope for future rate cuts.
      Meanwhile, the surge in U.S. Treasury yields is also pressuring gold prices, as investors have already factored in the impact of the Federal Reserve's rate cuts. Data from the Chicago Mercantile Exchange shows that market participants anticipate the Federal Reserve will cut rates by 48 basis points in 2025.
      MARKET WATCH: Given the current economic climate, the global landscape is shifting from a U.S.-led order to a multi-polar world. This transition is expected to generate persistent inflationary pressures, elevated interest rates, a weaker US dollar, and increased demand for safe-haven assets over the next five to ten years.
      Since the pandemic, the U.S. core inflation rate has remained above the Federal Reserve's 2% target for five years. Increased defense spending and tariff policies under the Trump administration are likely to keep inflation above the Fed's target for the remainder of this decade, potentially driving up gold prices.
      Investors are awaiting the release of the June FOMC meeting minutes later today for further insights into the central bank's policy direction.
      Gold Faces Resistance at the Head and Shoulders Top Pattern. Exercise Patience before Going Long as Short-term Correction Is Ongoing_1

      Technical Analysis

      Gold prices have declined since the beginning of the week due to macroeconomic factors. The price action has broken down from a 4-hour head and shoulders bottom pattern, instead of continuing the larger uptrend, and has broken lower via a 1-hour head and shoulders top pattern, forming a short-term downtrend.
      The market is currently dominated by a 1-hour head and shoulders top pattern, indicating that the downward trend is not yet complete. The downside target is below US$3280; therefore, long positions should be approached cautiously, with a focus on strategic positioning.

      Trading Recommendations

      Trading Direction: Buy
      Entry Price: 3275
      Target Price: 3389
      Stop Loss: 3235
      Valid Until: July 24, 2025 23:55:00
      Support: 3279, 3273, 3252
      Resistance: 3308, 3332, 3346
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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      Eva Chen

      Analysts

      Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.

      Rank

      3

      Articless

      1756

      Win Rate

      57.05%

      P/L Ratio

      0.65

      Focus on

      XAUUSD, WTI, GBPUSD

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      Gold Faces Resistance at the Head and Shoulders Top Pattern. Exercise Patience before Going Long as Short-term Correction Is Ongoing

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