19 Jul 2022, 12:23 · 阅读量 433

#XAU/USD# Gold prices ended up $1.50 at $1708.94 on Monday, supported by the weaker performance of the US dollar on the back of easing market concerns over expectations of a 100 bps rate hike by the US Federal Reserve. Gold is likely to be sold this morning (19/7), testing the support at $1700 amid the outlook for a strengthening US dollar and high yields on US bonds. However, if it moves up until it breaks above the $1712 level, it has a chance to be bought aiming the resistance at $1714. The potential trading range for the Asian session is $1700 - $1714.

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#EUR/USD# EURUSD ended up 65 pips at 1.0140 levels on Monday as supported by the weakening US dollar sentiment and upbeat Italian Trade Balance data. EURUSD is likely to be sold this morning (19/7), testing the support at 1.0100 amid concerns about the energy crisis in Europe after Russia's Gazprom has declared force majeure on gas supply to Europe. However, if it moves up and breaks above the 1.0165 level, there is a chance to buy it targeting the resistance at 1.0180. The potential trading range for the Asian session is 1.0100 - 1.0180.

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#GBP/USD# is also likely to move up in the short term amid the outlook for the weakening US dollar and the hawkish statement by the Governor of the Bank of England Andrew Bailey who said that a 50 bps rate hike would be one of the options at the next policy meeting. Later today the market will look for a catalyst from the release of UK CPI data at 13:00 WIB and UK HPI at 15:30 WIB.

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#XAU/USD# The weakening US dollar sentiment triggered by pessimistic data on the Philadelphia Fed Manufacturing Index and Unemployment Claims has supported the rise in gold prices on Thursday, ending up $21.57 at $1717.95. Gold was bought this morning (22/7), targeting the resistance at $1725 amid the weakening US dollar. However, if it moves down to a break below the $1714 level, it sells to test the support at $1712. Potential Asian session trading range at $1712 - $1725.

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#DowJones# Dow Jones +416.33 points, S&P500 +63.98 points and Nasdaq +319.40 points. The yield on the US 10-year bond fell to 2.715%. The three major US stock market indexes closed higher after the release of better-than-expected US macroeconomic data. PayPal and Moderna's financial reports that beat market expectations also increased interest in risk assets. US ISM services data released 56.7 vs 53.5 forecast, the highest in 3 months. US factory orders data released +2.0% vs +1.3% forecast. A day after the visit of the chairman of the US House of Representatives to Taiwan, the market is still watching what other countermeasures will be taken by China other than stopping the import-export activities of several products.

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#XAU/USD# #GOLDTODAY# Gold is likely to move up in the short term amid the outlook for a weakening US dollar on the back of diminishing expectations for a 100 bps rate hike by the Federal Reserve in July with several FOMC members signaling they will raise interest rates by only 75 bps. Later today the market will look for a catalyst from the Existing Home Sales data at 21:00 WIB.

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