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XAUUSD - Gold demand hit a record in the first half of this year

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World gold price this morning reversed down with spot gold down 15.2 USD to 1,950.3 USD/ounce. December gold futures were last traded at $1,978.8 per ounce, down $30.4 from dawn the previous day.

In the context of lack of information driving the market, the USD appreciation put pressure on gold. Earlier this morning, the US Dollar Index, which measures the volatility of the greenback, rose to 102 points.

According to Shah, if recession fears materialize, gold futures prices will rise. In this scenario, gold can reach 2490/ounce. That number would be 22% above the nominal all-time high (reached in August 2020) and close to that in real terms. However, it would be 28% below the all-time high reached in 1980.

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XAUUSD BUY 1945 - 1947🕯

✅ TP1: 1952
✅ TP2: 1960
✅ TP3: 1968

❌ SL: 1939

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Running +25Pips ✅

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Looking back on gold's performance in the second quarter, in a recent report, the World Gold Council said that the persistent economic uncertainties in the listing created strong physical demand against gold, driving gold to a record high. second quarter record. According to the WGC, gold prices averaged a record $1,976 an ounce, up 6% from the second quarter of 2022 and up 4% from the previous record high reported in the third quarter of 2020.

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Buy Again

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The WGC report shows that increased gold demand from China is playing an important role in the global gold market. Demand for hidden gold and coins in China totaled 49.3 tonnes, up 32 percent from five grams. Global demand increased 6% to 277.5 tons.

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Buy Again +20PIps ✅

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Recently, despite the establishment of a “hawkish” field by the Fed and possible economic data, gold continues to maintain solid support around $1,950 an ounce. Even so, John LaForge, head of real asset strategy at Wells Fargo Investment Institute, said more catalysts were needed to send the precious metal to record highs.

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XAUUSD SELL LIMIT 1960- 1962🕯

✅ TP1: 1955
✅ TP2: 1949
✅ TP3: 1942

❌ SL: 1970

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Running +60Pips ✅

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The precious metal was under pressure as the ADP report showed that the number of jobs in the private sector increased in July. Specifically, there were 324,000 jobs created last month. The data significantly beat economists' expectations that about 191,000 would be generated. Newly released numbers showing the working market's health continue to support the expectation that the US Federal Reserve (FeD) will continue to increase the loss rate even more.

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The greenback is more likely to rise, on stronger economic data, ending market expectations of a further Fed rate hike

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XAUUSD SELL 1938 - 1940🕯

✅ TP1: 1932
✅ TP2: 1925

❌ SL: 1945

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Running +30Pips ✅

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XAUUSD SELL HIT TP1 +60Pips ✅