Gold's Stability in Asian Trading Faces Challenges Amidst

During the early hours of the Asian trading session, gold maintains a stable position, benefiting from the decrease in Treasury yields. This factor enhances the allure of this non-interest-bearing precious metal. Nonetheless, the potential for gold to remain in a challenging situation, often referred to as the "house of pain," persists if the ongoing sell-off in the bond market does not ease, according to an email statement by Edward Moya, a senior market analyst at Oanda. The considerable yield offered by 30-year Treasuries reduces the attractiveness of the precious metal, even amidst the unsettling impact of China's property-market struggles on global markets, Moya further explains. The current value of spot gold shows minimal variation at $1,902.14 per ounce.

XAUUSD BUY 1900-1902💯

✅ TP1: 1907
✅ TP2: 1912

🛑 SL: 1896

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On Wednesday, gold prices showed no significant movement, following a previous day where they surpassed the important support level of $1,900. This surge was attributed to robust U.S. consumer spending data, which led to speculation that the Federal Reserve might continue its cycle of raising interest rates.

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The July uptick in U.S. retail sales exceeded initial expectations, indicating ongoing economic growth in the early stages of the third quarter, effectively staving off the possibility of a recession.

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According to a report by Goldman Sachs, international hedge funds are engaging in "aggressive" selling of Chinese stocks due to increased apprehension surrounding the nation's real estate industry and a collection of underwhelming economic indicators.

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On Wednesday, the progress of gold prices came to a halt, occurring shortly after they surpassed the crucial support level of $1,900 for the first time in a month and a half. This shift was influenced by the increase in U.S. Treasury yields, driven by the anticipation that the Federal Reserve has more phases of swift monetary tightening ahead.

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Running . +20pips ✔️✔️

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Gold prices persist in remaining near the $1900 support level, sustaining this position after a brief downward movement observed yesterday. Nevertheless, sellers struggled to sustain their momentum, as the precious metal concluded slightly above the $1900 threshold. Of notable significance, the closure occurred below the 200-day moving average (MA) for the first time since December 2022.

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Retail sales in July saw a 0.7% increase compared to June, as reported by the US Census Bureau, surpassing the consensus projection of a 0.4% rise as indicated by Marketwatch. Nevertheless, prevailing forecasts maintain the expectation that there will be no alteration to the Federal Reserve's interest rate policies for the remainder of the year.