[Market Evening] Gold Still Tepid, Unable to Reclaim $1720
The technical outlook for the gold market is very bearish even though the dollar fell overnight and failed to rebound. The initial support level of the gold price looks at $1,700, and it will continue to break down and close below $1,675 for several consecutive trading days, which will indicate that the market outlook will usher in a larger decline.

As of 17:00 (GMT+8), spot gold rose 0.104% to $1710.73 an ounce, and spot silver rose 0.514% to $18.765 an ounce.
Comment: The international gold price continued to remain stable, supported by the continued decline of the US dollar. As the market's concerns about the Fed's more active tightening policy have eased, the US dollar exchange rate is continuing to decline in a corrective manner. But the Fed cannot avoid the thorny inflation problem, the dollar will continue to sit firmly on the currency throne, and the price of gold will continue to fall.
Suggestion: short spot gold at 1711.70, and the target point is 1703.00.
As of 17:00 (GMT+8), the US dollar index fell 0.764% to 106.47, EUR/USD rose 0.988% to 1.02448; GBP/USD rose 0.592% to 1.20201; AUD/USD rose 1.050% to 0.68867; USD /JPY fell 0.342% to 137.657.
Comment: Wang Gang, Bank of China Guangdong Branch, said that the euro should pay attention to the support of 1.01 in the day, and if the short-term fall adjustment can stand above this level, the euro is expected to continue to rebound and organize upward trend opportunities. The pressure on the pound from the 60-day moving average has not recovered, and it will be a stumbling block for the pound to rise. During the day, it is necessary to pay attention to the support of 1.1930-10. If it falls below, the weakness of the pound will continue.
Suggestion: short EUR/USD at 1.02460, target point 1.02000.
As of 17:00 (GMT+8), WTI rose 1.050% to $99.669/barrel; Brent rose 1.067% to $103.280/barrel.
Comment: International oil prices are under pressure. While oil prices were supported by a weaker U.S. dollar, the U.S. dollar index hit a fresh nearly two-week low of 106.666 on the day, making dollar-denominated oil cheaper for buyers holding other currencies. But Russia's pursuit of more non-Western currencies as a means of payment for international trade is expected to increase supply and increase frustration in the West.
Suggestion: short US crude oil at 99.560, the target point is 95.500.
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2. Central African Republic: Invest $60,000 in "Sango Coins" to become a citizen;
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4. Bloomberg: Redemption of Legion Strategies fund under Skybridge Capital is suspended;
5. The Bank of Korea joined hands with 10 commercial banks to carry out the third phase of digital currency testing;
6. Circle CFO: Regardless of the market, the company plans to go public in the fourth quarter of this year;
7. OpenSea announced the launch of Solana Launchpad;
8. U.S. government workers need to declare NFT assets worth more than $1,000.
The Taiwan Weighted Index rose 0.491% to 14643.3 points;
The Nikkei 225 fell 0.037% to 26922.0 points;
Hong Kong's Hang Seng Index fell 0.423% to 20650.2 points;
Australia's S&P/ASX 200 fell 0.444% to 6,637.45.
20:30(GM+8):
The initial monthly rate of construction permits in the United States in June (%)
The initial value of the annualized total number of construction permits in the United States in June (10,000 households)
Annualized monthly rate of housing starts in the United States in June (%)
The annualized total number of new housing starts in the United States in June (10,000 households)
20:55(GM+8):
U.S. Red Book commercial retail sales monthly rate for the week ended July 16 (%)
U.S. Red Book commercial retail sales annual rate for the week ended July 16 (%)
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