Reactions to Gold Price

Since the beginning of May, we have seen gold being under pressure due to the harsh tone of the Federal Reserve officials' statements, a change in the anticipated pivot point, and efforts to strengthen the US dollar. Despite a partial attempt at recovery following the release of the Manufacturing Purchasing Managers' Index (PMI) data, which remained below the threshold of 50 and hit a three-year low, gold failed to break the resistance at $1,930 USD. The slowdown in the manufacturing sector signals important indicators for the real economy. Today, the US markets will be closed due to Independence Day on July 4th, which could result in low liquidity. Tomorrow, the minutes of the Fed's May meeting will be published, followed by employment data from the US on Friday. The US is expected to have created an additional 225,000 non-farm jobs in June. While there may be a decline compared to May, downward breaks in gold prices will be significant in terms of the Fed's assessment of its interest rate path. From a technical perspective, we continue to maintain our medium and long-term expectations of a rise in gold prices. In the short term, if the price of gold falls below $1,925 USD, support levels can be observed at around $1,910 USD, while breaking above the $1,930 USD level may indicate resistance at around $1,935 USD.