Gold prices rose today morning near the resistance area at $1985, noting that breaching this level would help gold to continue its uptrend on the intermediate term, targeting $2000 level.

1. 27
Jul.
2023

2. 1945
Gold prices rose today morning near resistance area at $1985, noting that breaching
this level would help gold to continue its uptrend on the intermediate term, targeting
$2000 level. On the other hand, if gold breaks support area at $1965, it will retreat to
support area at $1950 again.
Gold prices rose today morning as the Fed said the upcoming rate decision would be
data dependent, ahead of the release of US initial jobless claims and second-quarter
GDP later in the day.
1963
2000
1985
1975
Gold rises but faces resistance near $1985 level
233.80
214.18
204.60
175.37
Published on Thursday, July 21, 2023 at 1:47 PM (UAE time)

3. European shares opened higher on Thursday,
as investors await the European Central
Bank’s interest rate decision and a busy day
of earnings reports. The ECB is predicted to
raise rates by 25 basis points later in the day,
yet there is debate whether the ECB will hike
rates again before the end of the year. Also,
earnings season continues, with results are
due from the likes of Intel, Ford, MasterCard
and McDonalds.
European shares rise ahead of ECB, dollar extends slide
On the other hand, the dollar index extended its slide for a third straight session, as
investors believe the Federal Reserve is close to the end of its tightening cycle after lifting
its federal fund rate to the highest level in 22 years on Wednesday. Markets see a
probability of 80% that Fed would hold rates at its September meeting, versus a 20%
chance of a 25 bp rate hike, according to CME Fed Watch Tool.
China’s industrial profits dropped at a
slower pace in June, though worsening
factory-gate deflation and slowing
consumer spending continued to
squeeze business’s margins. Profits last
month slid 8.3% from a year earlier,
compared with a decrease of 12.6% in
May, data published by the National
Bureau of Statistics showed Thursday.
China industrial profits
drop persists amid
deflation risks
Oil climbs on tighter
supply
Oil climbed almost 1% on Thursday,
recouping losses from the previous
session, supported by supply tightness
owing to OPEC+ production cuts and
renewed optimism on the outlook for
Chinese demand and global growth.
Brent crude advanced 64 cents, or 0.8%,
to $83.56 a barrel by 08:20 GMT while
U.S. West Texas Intermediate (WTI) crude
rose 74 cents, or 0.9%, to $79.52.