Commodity Report: Gold Price Forecast: 23 July 2019 [Video]

Phil Carr The Gold & Silver Club

Gold was little changed on Tuesday, pressured by a rising dollar but supported by weak U.S. economic data, with investors awaiting clearer signals on the Federal Reserve's trajectory for interest rates.

The Fed is expected to cut its overnight benchmark lending rate at July 30-31 policy meeting. The European Central Bank (ECB) is also expected to signal easier monetary policy when it meets on Thursday.

Gold last week surpassed $1450 for the first time since May 2013 and silver rose to $16.57 per ounce its highest since June 25, 2018 on anticipation of a deeper rate cut.

Meanwhile Hedge funds and money managers raised their bullish stance in Comex gold in the latest week.

Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.