24K99 News On Monday (July 25) in the Asian market, gold futures edged lower, with gold futures reporting around $1,725 an ounce. The Kshitij Consultancy Service team (Kshitij Consultancy Service) wrote the latest article on Monday to conduct a forward-looking analysis of the future trends of gold futures, silver futures, crude oil futures and copper futures.
The Kshitij advisory services team wrote in the article that the outlook for Brent crude oil futures and WTI crude oil futures is bearish, and further declines are expected in the next few sessions. Gold futures have room for an upside test of $1755-1760 an ounce; silver futures remain in a range above $18 an ounce.
Gold futures in New York rose on Friday and hit their highest close since July 13. Driven by a weaker dollar, gold futures rose 1.4% last week, ending a five-week losing streak.
Gold futures for August delivery on the New York Mercantile Exchange (COMEX) closed up $14, or 0.82%, at $1,727.40 an ounce on Friday.
In terms of gold, the Kshitij Advisory Services team pointed out that gold futures retreated to $1,720 an ounce after testing $1,738.30 an ounce on Friday. The short-term support is at $1,710/oz. As long as it stays above this support, there is still room for gold futures to rise to $1,755-1,760/oz.
In terms of crude oil, the Kshitij Advisory Services team said that Brent crude oil futures remained capped at $107.50 a barrel and fell towards $100 a barrel as expected. The outlook for oil distribution is bearish, and it is expected to test $97.50-95 per barrel in the next few trading days.
WTI crude oil futures continue to trade well below resistance at $100/bbl and have fallen below $95/bbl. As long as it stays below $95/bbl, the view remains bearish, with a possible test of $90/bbl in the next few sessions.
In terms of copper, the Kshitij advisory service team said that last Friday, copper futures rose sharply to the upper end of the range of $3.2-3.4 per pound, and then fell back. Further rises to $3.5/lb require a strong break above $3.4/lb, otherwise copper prices may continue to consolidate in the $3.2-3.4/lb range for a while.
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