abrdn Physical Gold Shares ETF

SGOL

Market cap $6.88B

Soft PPI lifted gold, but rising oil prices and Fed hawkishness are capping gains. See why crude is driving the next move in the gold market.

Gold continues to test a major support level on Wednesday, as the markets are looking for some kind of continuation, or perhaps some kind of change in overall attitude.

Gold prices shot to session highs after manufacturing activity in the New York region rose deeper into expansionary territory this month, according to the latest data published by the New York Federal Reserve.The regional central bank announced on Wednesday that its Empire State manufacturing survey improved to 15.6 in July, after posting a 5.7 print in June. The data was far better than expectations, as consensus forecasts called for a slight rise to 6.2.

Central bank gold buying remains strong as Fed uncertainty and Middle East tensions shape gold and silver. See key technical levels for XAUUSD and XAGUSD.

Gold and silver rebound after softer US inflation data, but rising oil prices and Middle East risks may revive inflation concerns and limit further gains.

The gold market continues to struggle to find consistent bullish momentum, but one fund manager noted that the precious metal remains one of the best-performing assets over the past 12 months, with mining equities taking the top spot.

Gold remains under pressure as converging moving averages reinforce resistance, leaving bears in control while traders watch for either a downside continuation or a bullish breakout.

U.S. inflation report provided significant support to precious metals markets.

We believe metals and miners are forming critical lows that could hold for the remainder of the bull market.

Gold rebounded after buyers stepped in before soft CPI data. Lower Treasury yields and a weaker dollar now put key resistance levels back in focus.