Gold prices rose today morning in an attempt to breach $1963 area, which acts as an important resistance area in the intermediate term.

1. 18
Jul.
2023

2. 1915
Gold prices rose today morning in an attempt to breach $1963 area, which acts as an
important resistance area on the intermediate term, where its break with a stability
above would help prices target resistance area $1985 on the short term and resistance
area at $2032 on the intermediate term. On the other hand, if the prices face rejections
at $1963, it will retreat to $1950 level again.
Gold prices rose today morning near its highest level in 15 months, as investors waiting
for any cues about Fed interest rates, ahead of the release of US retail sales later in the
day.
1945
2000
1985
1963
Gold prices soar in an attempt to clear $1963 level
232.20
212.70
203.19
174.17
Published on Friday, July 18, 2023 at 1:18 PM (UAE time)

3. The dollar index slipped for a second straight
session on Tuesday, hovering near an over
one-year low, in the wake of last week’s
softer than forecast U.S. inflation data and
ahead of the release of retail sales figures.
Meanwhile, swaps are nearly certain the Fed
will hike rates by 25 basis points at its
meeting this month, though see rates
coming down as early as December. U.S.
retail sales may have risen 0.5% in June,
following a 0.3% gain in May, according to
median forecasts.
Dollar hovers near one-year low, European shares steady
On the other hand, European shares were steady after beginning the week with the
sharpest losses in more than a week, as investors turn their attention to corporate
earnings. Sentiment was boosted last week by the cool U.S. inflation, but it took a hit on
Monday after the release of lackluster GDP data from China. Next week, both Federal
Reserve and European Central Bank are expected to raise interest rates.
Deutsche Bank lowered its forecast for
China's economic growth forecast this
year to 5.3%, from 6% earlier, citing
weakness in domestic consumption
demand and a deterioration in the
property sector. Data on Monday showed
China's economy grew 6.3% in the
second quarter on a year-on-year basis,
accelerating from 4.5% in the first three
months of the year, but well below
expectations of 7.3%, as demand
weakened at home and abroad.
Deutsche Bank cuts
China's 2023 growth
forecast to 5.3%
Oil prices rise ahead
of US crude stock
data
Oil prices inched upwards in Asian trade
on Tuesday as investors eyed a possible
tightening of U.S. crude supplies, after
sinking in the previous session on
weaker-than-expected Chinese economic
growth. Brent crude was up 10 cents at
$78.60 a barrel by 0630 GMT, while U.S.
West Texas Intermediate crude rose 14
cents to $74.29 a barrel. Both contracts
fell more than 1.5% on Monday.