#XAU/USD# Gold prices ended up $1.50 at $1708.94 on Monday, supported by the weaker performance of the US dollar on the back of easing market concerns over expectations of a 100 bps rate hike by the US Federal Reserve. Gold is likely to be sold this morning (19/7), testing the support at $1700 amid the outlook for a strengthening US dollar and high yields on US bonds. However, if it moves up until it breaks above the $1712 level, it has a chance to be bought aiming the resistance at $1714. The potential trading range for the Asian session is $1700 - $1714.

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#XAU/USD# #GOLDTODAY# Gold is likely to move up in the short term amid the outlook for a weakening US dollar on the back of diminishing expectations for a 100 bps rate hike by the Federal Reserve in July with several FOMC members signaling they will raise interest rates by only 75 bps. Later today the market will look for a catalyst from the Existing Home Sales data at 21:00 WIB.

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#DowJones# Dow Jones +416.33 points, S&P500 +63.98 points and Nasdaq +319.40 points. The yield on the US 10-year bond fell to 2.715%. The three major US stock market indexes closed higher after the release of better-than-expected US macroeconomic data. PayPal and Moderna's financial reports that beat market expectations also increased interest in risk assets. US ISM services data released 56.7 vs 53.5 forecast, the highest in 3 months. US factory orders data released +2.0% vs +1.3% forecast. A day after the visit of the chairman of the US House of Representatives to Taiwan, the market is still watching what other countermeasures will be taken by China other than stopping the import-export activities of several products.

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