Gold declined today morning as it head lower to retest the support area at $1925, which if gold breaks would push prices toward the support area $1915.

1. 7
AUG
2023

2. 1915
Gold declined today morning as it head lower to retest support area at $1925, which if
gold breaks would push prices towards support area $1915. Gold will probably continue
its downtrend on the short and intermediate terms, but if it breaches resistance area at
$1955, its next target will be resistance area at $1955.
Gold prices declined today morning after recording their worst performance in a month,
dropping by 1%, amidst expectations the Federal Reserve may move forward with rate
hikes.
1925
1963
1945
1938
Gold prices drop to retest support at $1925
229.20
209.95
200.54
171.89
Published Monday, August 7, 2023 at 1:01 PM (UAE time)

3. The dollar index was slightly higher on
Monday, following a drop on Friday after the
release of a mixed U.S. jobs report, as
investors await the release of key inflation
figures this week. Eyes will focus on U.S.
consumer prices due on Thursday to get
more clarity about the Fed’s upcoming
monetary direction. Swap traders see nearly
a 40% chance of another quarter-point rate
hike by the Fed by the end of this year.
Dollar index slightly up ahead of key US inflation data
On the other hand, European shares were mixed, as the last batch of earnings season
results roll in and with the release of key inflation data from Germany, China and the
United States this week. The Euro STOXX 600 index tumbled more than 2.4% last week,
as investors took profits near the end of earnings season and amid risk- averse
sentiment.
German industrial production dropped
more strongly than forecast in June,
according to data released on Monday,
underlining the challenges faced by
manufacturing amid a downturn in
Europe's largest economy. Production fell
by 1.5% compared with the previous
month, the federal statistics office said
on Monday. Analysts polled by Reuters
had predicted a 0.5% decline.
German industrial
output falls further in
June
Oil prices retreat
from highest level
since mid-April
Oil prices retreated on Monday from their
highest since mid-April, following an
attack on a key Russian oil export hub
and extended production cuts by OPEC
kingpin Saudi Arabia and Russia. Over
the weekend, Ukraine launched a naval
drone attack on Russia’s port of
Novorossiysk, a critical hub on the Black
Sea for Russian oil exports.