Jul. 23rd gold price trend analysis
International gold price volatized and went downside, once touched low as 1302USD/oz. then rebounded to about 1313 during last night. However, effected by strong data of U.S. home sales, gold price dropt from high again, the trend is going down; Today’s Asian early trading gold price volatized and redounded, currently closed at about 1308USD/oz.
As for data, U.S. seasonally adjusted CPI monthly rate is as good as expected, but the core CPI is not as good as expected, which boost gold price went upside. But the June home sales data and July manufacturing index that released hereafter is very strong, which boost U.S. dollar index climbed to 80.80 and pressed gold price dropt to below 1310. Currently gold daily chart MACD is reaching zero-axis, green bar is smooth, which limited downside space, short positions would be good if price rebounded. (gold jinyu)