On Tuesday (July 5), the international gold price rose slightly, boosted by the worrying global economic outlook, but the high level of the US dollar restrained the rise of gold price. Major central banks around the world raised interest rates, and gold prices are still facing downward pressure, which is expected to fall to $1748 in the future.

MT4破解版 At 14:55 Beijing time, spot gold rose 0.09% to $1809 / ounce; COMEX gold futures contract rose 0.44% to $1809.4 / ounce; The US dollar index fell 0.03% to 105.148.

The U.S. market resumed trading after the Independence Day holiday, and the yield of the benchmark U.S. 10-year Treasury bond rose slightly from the one month low set on Friday, but it was still below 3%. However, the dollar index hovered around a two-year high, continuing to weaken the demand for dollar denominated gMT4破解版old from buyers holding other currencies.

Jeffrey Halley, a senior analyst at OANDA, said: "generally speaking, the trend of gold price is still flat. Although the high point of the K-line has been decreasing in the past month, the short selling force of the market is still weak." Halley added that a correction in gold prices was inevitable, but the general decline in US bond yields seemed to be delaying the process.

Stephen Innes, managing partner of SPI asset management, said: MT4破解版"although the gold price is still in the range of $1790 to $1830, as market concerns shift from inflation to recession, the Federal Reserve may soften its policy stance and the gold price is expected to be supported."

In the past few months, major central banks around the world have raised interest rates in an attempt to curb runaway inflation, which has put pressure on gold prices. However, during economic crises (such as economic recession), gold is regarded as a safe means of MT4破解版storing value.

The upward momentum of gold price has been blocked for many times in the 50% Fibo retracement of the decline from June 27 to July 1, which was $1813. Even if the gold price successfully breaks above $1813, the 200 hour moving average and the one week downward trend line, as well as the 61.8% Fibonacci retracement (around $1820), will continue to block bulls.

On the daily chart, the gold price started a downward ((V)) wave trend from US $1879, and the target of 61.8MT4破解版% is US $1748 in the future. ((V)) wave is the sub wave of downward C wave since US $2070. Wave C belongs to the adjustment (IV) wave started from US $2075.