Analysis of gold during the coming period

Gold at the basic level

Gold prices stabilized on Friday around the levels of 3,340 dollars per ounce, after its losses from the previous session, as gold is heading for a falling weekly close, especially after yesterday's data tempered hopes of a significant reduction in interest rates by the Federal Reserve.

Producer prices in the United States rose in July at their fastest pace in three years, far exceeding expectations, suggesting that companies are bearing consumers the high import costs caused by tariffs.

Traders are now inclined to cut interest rates by 25 basis points next month, followed by another cut in October, reflecting the comments of Mary Daly, the head of the Federal Reserve, opposing a 50 basis point cut in September.

At the geopolitical level, expectations remain cautious about the summit being held on Friday between Donald Trump and Vladimir Putin on the issue of the war in Ukraine.

We are also waiting for important data on US retail sales today.

Gold at the technical level

Gold bounced more than once near the levels of 3,330/35 dollars per ounce, which we indicated in the weekly analysis video from here.

Currently, gold is trying to bounce back again with the formation of a positive divergence of the MACD indicator on the four-hour frame.

To target USD 3,360 levels as an initial target, then USD 3,370, and finally USD 3,400 levels per ounce.

As for if it breaks the levels of 3,330 and closes below the candle for at least 4 hours, this may lead us to further corrective pullback near the levels of 3,315 and then 3,305/01 dollars, from which it is possible to think about buying again.