World gold prices continued to maintain their upward momentum in the last trading session of the week as the USD weakened and energy prices stabilized, thereby supporting the precious metal to approach the important resistance zone of 4,200 USD/ounce.
By the end of the trading session on July 3rd Vietnam time, spot gold prices increased by 1.52%, to about 4,175.07 USD/ounce. During the session, the precious metal fluctuated in the range of 4,120.50 - 4,196.10 USD/ounce, maintaining above the 4,100 USD mark after a strong recovery in previous sessions.
On the precious metals market, silver prices also recorded positive developments when increasing by 2.36%, to about 62.27 USD/ounce. The fluctuation range in the session was 60.80 - 63.02 USD/ounce, continuing the recovery momentum after surpassing the 60 USD/ounce mark again.
Gold's developments continued to be supported in the context of the USD maintaining a weakening trend, while the yield of 10-year US government bonds stabilized around 4.5%. Although the yield level is still high, the depreciation of the USD has somewhat improved the attractiveness of gold to investors holding other currencies.
In the energy market, oil prices continued to fluctuate near levels before tensions in the Middle East escalated. WTI oil traded around 68.73 USD/barrel, while Brent oil was around 72.02 USD/barrel. According to the developments of the energy market, transportation through the Strait of Hormuz has gradually stabilized compared to the previous tense period, contributing to reducing concerns about the risk of short-term oil supply disruptions.
According to the developments of the energy market, the maintenance of oil prices at a lower level may help reduce inflationary pressure from energy. This development also contributes to supporting sentiment in the precious metals market.
According to technical analysis, the 4,200 - 4,350 USD/ounce zone is currently considered an important resistance area for gold prices. In the scenario of successfully surpassing this price range, the precious metal may expand its gains to the 4,500 USD/ounce mark, and further to 5,000 USD/ounce.
In the opposite direction, the 4,091 USD/ounce zone continues to play the role of the nearest support level. If this level is broken, gold prices may retreat to the 4,000 USD/ounce zone before testing the 3,950 USD/ounce mark.
For silver, according to technical analysis, the 64 - 64.5 USD/ounce zone is a near resistance level. If successfully surpassing this area, silver prices may head towards the 72 USD/ounce mark. Conversely, the 60.05 USD/ounce zone continues to be considered an important support level, before retreating to around 58 USD/ounce if selling pressure increases.
Considering the market diễn biến in recent sessions, gold prices recovered in the context of a weakening USD and stable energy prices. In the short term, the diễn biến of precious metals is likely to still be affected by the USD, US bond yields as well as technical signals around the 4,200 USD/ounce range.
