Gold Market Outlook

The rise in consumer confidence in the US to its greatest level since September 2021 helps the USD maintain stability above its lowest level since April 2022, which is therefore perceived as exerting downward pressure on the price of gold. Even the most optimistic predictions were exceeded by the preliminary UoM Consumer Confidence Index, which for July registered a reading of 72.6, the best reading since September 2021. The forecasts for inflation in the upcoming year increased slightly from 3.3% in June to 3.4%. But this was still lower than the peak of 5.4% in April 2022.

By following a decline in the Relative Strength Index, gold price continues its Friday retreat from a seven-week-old declining resistance line, currently at about $...

Even if the gold bears succeed in breaking the $1,954 SMA confluence, a four-month-old horizontal support zone near $...

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