Gold prices moved alternately up and down today (July 9) within a narrow range |

Gold price today (July 9) is experiencing an alternating upward and downward movement within a narrow range. Although it is not able to recover much from the previous day, it is still able to maintain stability at a high level and gold prices received weak support. According to the upward movement, the dollar and US bond yields after investors absorb the economic data on the US labor market, which supports the US Federal Reserve to be able to cut interest rates during this year. It is trying to recover after adjusting to the lowest level in almost one month, which received more support for the increase. From the contraction of the value of the euro, according to the negative reaction of investors to the political situation in France from the election results. And that no single party can win a majority in the French parliament, which led to the formation of a new government. There are still some doubts, but the dollar may recover only to a limited extent. According to the movement at a low level of US bond yields, therefore, the price of gold is still supported to maintain its movement at a high level, but the movement of the price of gold is limited. After a slowdown in trading ahead of Fed Chairman Jerome Powell’s semi-annual monetary policy announcement before the US Senate Banking Committee tonight at 9:00 p.m., we recommend watching the announcement. Mr. Powell is likely to express his views on the current direction of the US economy and inflation, including the conditions for future interest rate cuts, which is expected to drive gold prices.


• Short term speculative buying. If the price can stand above the support area of ​​$2,352 per ounce.

• Sell gradually to make profit. If the price rises to test the resistance area of ​​$2,381-2,400 per ounce.

• Buy and cut loss positions. If the price breaks the support level of $2,352 per ounce.

This article was produced by YLG Bullion International.

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