Night (UTC+7 Indochina Time) UPDATE
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After breaking below $4,415, it indicates that the consolidation phase is not yet over. However, in the medium term, as long as the price holds above $4,311, it remains a pause before a continued uptrend. The support level has shifted to $4,348–$4,331. As for rebounds, if the price fails to pass $4,446, caution is still required as it may be a bounce before continuing to consolidate downward. Investment strategy: Risk opening long positions if the price stays above $4,348–$4,331; if broken, delay buying to the next support level (Stop loss at $4,311). Take profit on long positions if prices fail to pass $4,425–$4,446; if passed above $4,446, delay selling until the next resistance level. |
Key Factors
Gold prices dropped sharply to around $4,375 per ounce this afternoon, heavily pressured by escalating U.S.–Iran tensions that drove Brent crude prices surging up to $92.2 per barrel.
Additionally, European inflation data came in slightly lower than expected, with CPI matching forecasts at 2.5% YoY, while Core CPI fell below expectations at 2.4% YoY (against a 2.5% forecast). Coupled with weaker-than-expected unemployment figures and Manufacturing PMI data, these factors created indirect headwinds for gold.
Key Events to Watch Tonight: Market participants should closely monitor tonight's critical data releases, specifically the August U.S. ISM Manufacturing PMI and July JOLTs Job Openings, both of which could serve as major catalysts for gold's next directional move.
This video provides relevant context on how escalating geopolitical tensions in the Strait of Hormuz and rising crude oil prices impact global financial markets.
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