Gold Refinery in Africa
It offers an unbeatable combination of innovative process technology, efficient handling, high flexibility and safety. We also offer a full suite of support services to help you maximize plant uptime,...
Packaging Precious Metals
Many carriers will require you to ship your metals in a double-walled box, which both keeps your metals safe and allows for stacking. Stacking creates more room in the truck, which can reduce your cos...
Gold price stumbles beneath $2,400 drops to five-day low
Gold drops to $2,399, down 1.50%, after hitting a high of $2,447. Concerns over China's economic growth and Trump's election prospects boost the Greenback. US Dollar Index rises to 104.34, up 0.18%;...
≥99.99% Au-purity in refined gold
Purely hydrometallurgical refining process
Safe working environment with no toxic gas emissions.
we work with several Refineries In Africa and the world as we deliver Precious metals and Precious stones from pick up locations to their destinations refinery respectively.&image=66e812ac881563.43833619.avif){kind=link}
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Besides that, reports emerged that US President Joe Biden could pull out of the race as high-level democrats said polls following Trump’s assassination attack show that he can’t beat him.
In the meantime, Federal Reserve policymakers continued to turn slightly dovish yet failed to undermine the US Dollar. Nevertheless, the International Monetary Fund (IMF) said on Thursday that the Fed should not cut interest rates until late 2024.
The US Dollar Index, which tracks the currency's performance against six other currencies, is up 0.18% at 104.34. US Treasury bond yields are also rising across the yield curve, with the 10-year Treasury note yielding 4.233%, up more than three basis points (bps).
Daily digest market movers: Gold price tanks below $2,400
Weaker-than-expected US Consumer Price Index (CPI) data boosted Gold prices above $2,400, as the increased likelihood of Fed rate cuts led to falling US Treasury bond yields.
This week’s data featured mixed Retail Sales reading, a slowdown in Industrial Production, and the increase of Americans filling for unemployment benefits, reinforcing the Fed’s rhetoric that its dual mandate has become more balanced.
December 2024 fed funds rate futures contract implies that the Fed will ease policy by 50 basis points (bps) toward the end of the year, up from 50 last Friday.
Investors will focus on speeches from Fed policymakers: New York Fed President John Williams and Atlanta Fed President Raphael Bostic are scheduled to speak during the New York session.
Gold technical analysis: XAU/USD tumbles beneath $2,400 as buyers stay on the sidelines
Gold prices are experiencing a pullback, signaling that traders continued to take profits after an 8% rally experienced since June 27. Although the Relative Strength Index (RSI) remains bullish, in the near-term momentum favors sellers. The RSI has experienced a vertical fall, though shy of piercing the 50-neutral line.
Therefore, XAU/USD first support would be the July 5 high at $2,392, followed by the psychological 50-day Simple Moving Average (SMA) at $2,357. The next support would be $2,350, followed by the 100-day SMA at $2,312
Otherwise, if XAU/USD stays above $2,400 and reclaims $2,450, that can pave the way to challenge the all-time high of $2,483 ahead of hitting $2,500.&image=669d2ea545d4e7.91744681.png){kind=link}