An easing US Dollar is helping Gold prices find their bullish footing for the week, with XAUUSD prices lifting to 1,230.00. What is next for the bulls? The following 26 July Gold Price Fundamental Forecast reveals.
26 July, GKFX – A joint statement from US President Trump and the European Union’s Jean-Claude Juncker promising close cooperation between the two powers to avert a trade war saw a relief rally in broader markets, sending the Greenback lower across the board and giving Gold bugs a much-needed opportunity to bid prices back up.
Gold Fundamental Highlights
Gold hit a one-year low of 1,211.00 on July 19th, driven lower by action in US Treasuries as well as a rising US Dollar.
The US Dollar Index could see a resurgence later on Thursday if Initial Jobless Claims (forecast 215 thousand, last 207 thousand) at 12:30 GMT alongside Durable Goods Orders for June (forecast 3.0%, last -0.6%) manage to beat expectations, but for now softness in the USD on easing trade tensions is helping to give Gold a slight boost.
26 July Gold Price Fundamental Forecast
Gold prices have managed to lift away from 1,211.00, but soft double-topping action near 1,235.00 is keeping current intraday action under a tight lid, and bulls will be looking to break through the pattern to start challenging the last major swing high at 1,265.00 from July 9th.
This article 26 July Gold Price Fundamental Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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