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·         Gold Price Forecast: XAU/USD to suffer further losses below $1730

“The US bond yields will continue to play a key role in influencing the USD price dynamics. Traders will further take cues from developments surrounding the coronavirus saga and the broader market risk sentiment. This, along with scheduled speeches by Atlanta Fed President Raphael Bostic and Richmond Fed President Thomas Barkin, will also be looked upon for some meaningful trading opportunities.”

“Any further recovery might still be seen as a selling opportunity near the $1,760-50 support breakpoint. This, in turn, should cap the XAU/USD near the $1,780 region, which might now act as a key pivotal point for short-term traders.”

“Weakness back below the $1,730 level will reaffirm the negative outlook and accelerate the fall back towards the $1,700 round figure. This is followed by the Asian session lows, around the $1,687-86 region, below which bears might aim to challenge YTD lows, around the $1,677-76 area. Some follow-through selling should pave the way for a further near-term depreciating move.”

 

·         Gold Price Forecast: XAU/USD to plummet towards $1585 on a slide below $1677/70 – SocGen

Gold struggled to reclaim the hurdle at $1835 last month and has experienced a sharp down move testing the lower band of a steep descending channel. As strategists at Société Générale note, XAU/USD needs to stay above the $1677/1670 area to avoid a deeper dive.

 

Resistance is seen at $1792

“Low formed in March near $1677/1670 which is also the 38.2% retracement of the whole uptrend since 2015 is a crucial support zone. Defending this will be pivotal for averting a deeper downtrend.

“Should the $1677/1670 break, next projections will be at $1625 and $1585.”

“Short-term hurdles are at $1792 and the recent peak of $1835.”

 

·         Dramatic Dip in Gold – Ready for Sell Limit?

Conversely, the support holds at a 38.2% Fibonacci level of 1,737. A bearish crossover at this level could lead the GOLD price further down, towards the 1,716 support level. A bearish bias dominates below the 1,757 level today. Good luck!

 

·         Silver price plunges to oversold zone ahead of job openings data

Silver price is in the oversold territory after plunging to its lowest level since September 2020. The decline recorded on Monday was a continuation of its losses since mid-last week. On Friday, the highly-anticipated non-farm payrolls data came in higher-than-expected, an aspect that weighed on precious metals.

 

Silver price technical outlook

Silver price extended its previous losses on Monday after the better-than-expected NFP numbers. The precious metal ended Friday’s session down by 3.22% at 24.34. It plunged further on Monday morning to trade at 22.10, which is its lowest level since September 2020. Earlier in the previous week, it had risen to hit a three-week high of 26. Since then, it has dropped by about 8.67%. At the time of writing, it was down by 2.41% at 23.75.

On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. Besides, it is in oversold territory with an RSI of 18. Based on the fundamentals, as well as the technicals, silver price is likely to record a corrective rebound while remaining on a downtrend.

 

·         German exports jump despite supply bottlenecks in industry

Seasonally adjusted exports increased by 1.3% on the month after a slightly revised rise of 0.4% in May, the Federal Statistics Office said.

Imports edged up 0.6 % after a jump of 3.4% in the prior month. The trade surplus widened to 13.6 billion euros from a revised 12.8 billion euros in May.

 

·         China's July factory price growth quickens, adds to business and broad economic pressures

China’s factory gate inflation in July rose at a faster clip from the previous month and exceeded market expectations, adding to strains on an economy losing recovery momentum as businesses struggle with high raw material costs.

The world’s second-biggest economy is on track to expand more than 8% this year but analysts say pent-up coronavirus demand has peaked and forecast growth to moderate amid supply chain bottle necks and outbreaks of the Delta variant of COVID-19.

The producer price index (PPI) grew 9.0% from a year earlier, matching the high seen in May, the National Bureau of Statistics (NBS) said in a statement on Monday. Analysts in a Reuters poll had expected the PPI to rise 8.8%, unchanged from June.

 

·         The world is nowhere near the end of the pandemic, says famed epidemiologist Larry Brilliant

Dr. Larry Brilliant, an epidemiologist who was part of the World Health Organization’s team that helped eradicate smallpox, said the delta variant is “maybe the most contagious virus” ever.

The good news is that vaccines — particularly those using messenger RNA technology and the one by Johnson & Johnson — are holding up against the delta variant, Brilliant told CNBC’s “Squawk Box Asia” on Friday.

 

·         China reports more COVID-19 cases while some cities kick off new tests

 

·         Australia's New South Wales state expands COVID-19 lockdown

 

·         Cambodia’s shift to digital payments gathers pace amid Covid, central bank says

Serey Chea, assistant governor of the National Bank of Cambodia, says having a digital wallet allows people in Cambodia’s rural areas to utilize the banking system, and the government has also been able to make direct transfers during the pandemic.

 

·         U.N. climate report likely to deliver stark warnings on global warming

Eight years after its last update on climate science, the United Nations is set to publish a report Monday that will likely deliver even starker warnings about how quickly the planet is warming – and how damaging the impacts might get.

 

·         Landmark U.N. report delivers stark warning on climate change, says it’s ‘code red for humanity’

 

·         Taliban overrun northern Afghan cities of Kunduz, Sar-e Pul, Taloqan