Gold prices increased slightly during the trading session

Gold prices show signs of slight recovery after a sharp decline

Gold prices are showing signs of slight recovery after falling sharply at the beginning of the week due to concerns about Chinese gold demand and profit-taking activities. However, this precious metal is still supported by expectations of the US Federal Reserve (Fed) cutting interest rates in the near future.

Here are some factors that affect gold prices:

Fed interest rate cut expectations: Markets are expecting the Fed to lower interest rates in September and again in December. This could lower the USD and Treasury yields, thereby supporting gold price.

US labor market report: The June US labor market report showed slower-than-expected job growth, which could strengthen the argument for a Fed rate cut.
Statement by Fed Chairman Powell: Fed Chairman Jerome Powell will have two days of testimony before Congress this weekend. His statements can significantly affect market sentiment and gold prices.

China's gold demand: China is the world's largest gold consumer. The country's gold demand can significantly affect global gold prices.
Profit-taking activities: Traders may sell gold to lock in profits after the price increases. This could put downward pressure on gold prices.

Personal opinion:

Gold prices can fluctuate in short-term ranges.
Surpassing $2,393 towards $2,450.
Falling below 2,350 USD to 2,300 USD.

Resistance level:

$2,393: 6-week high
2,400 USD: Psychological barrier
$2,450: All-time high

Support level:

2,350 USD: Instant support
$2,340: Critical need
2,300 USD: Important support level

Pay attention to the area:

Buy zone: 2343 - 2341
Stop loss: 2337

Sell zone: 2370 - 2372
Stop loss: 2376

（Source from: TV-mswhitetrader）