Update $Xau on 17/7:
Gold prices in yesterday’s session continued to face very strong selling pressure as US–Iran tensions escalated, causing the market to worry that energy prices would remain at high levels. Although oil has not broken out too strongly, inflation risks are still present, increasing expectations that the Fed will continue its tight monetary policy, which is unfavorable for gold. This development is also consistent with market trends: as yields and the US dollar rise, gold prices fell below the 4,000 USD zone in the most recent session.
In the short term, the downward trend remains dominant, and the next target could be the 3,900 area if selling pressure continues. However, since the price is moving close to the short-term bottom, investors should be patient and observe the market’s reaction rather than chasing the sell-off.
$XAUT
Gold prices in yesterday’s session continued to face very strong selling pressure as US–Iran tensions escalated, causing the market to worry that energy prices would remain at high levels. Although oil has not broken out too strongly, inflation risks are still present, increasing expectations that the Fed will continue its tight monetary policy, which is unfavorable for gold. This development is also consistent with market trends: as yields and the US dollar rise, gold prices fell below the 4,000 USD zone in the most recent session.
In the short term, the downward trend remains dominant, and the next target could be the 3,900 area if selling pressure continues. However, since the price is moving close to the short-term bottom, investors should be patient and observe the market’s reaction rather than chasing the sell-off.
$XAUT