Gold (XAU/USD) Price Action Sidelined For Now as Multiple High Risk Events Near

• Risk events start today with US PMIs.
• Retail traders remain heavily long of gold.

Gold is trading on either side of $1,960/oz. an area that has acted as resistance and support in the past months. Today’s price action is limited and the 14-day Average True Range indicator shows gold’s volatility at a multi-month low. Last Thursday’s multi-week high at $1,987/oz. the $1,932-$1,939/oz will act as short-term resistance. zone will act as initial support.

GOLD DAILY PRICE CHART – JULY 24, 2023

Gold MIXED

Data provided by

69% of clients are net long.

RETAIL REMAIN LONG OF GOLD

Retail trader data shows 68.39% of traders are net-long with the ratio of traders long to short at 2.16 to 1. The number of traders net-long is 3.07% higher than yesterday and 0.23% lower than last week, while the number of traders net-short is 1.31% higher than yesterday and 10.15% lower than last week.