Today's market July 5, 2020 / Gold price decrease and dollar price rise + analysis and forecast this week
In today's market, July 5, 2020 - the price of gold and coins in the market decreased and each coin was priced at 9 million 480 thousand Tomans during the whole spring of freedom .
Despite the cuts, gold prices are expected to rise this week.
The price of dollars and euros was announced in the exchange office of Bank Melli Iran, which was higher than in the past.
According to the announcement of the Jewelry Union in the Tehran market, the new design Azadi spring coin was traded at the price of 9 million 480 thousand Tomans and the old design Azadi spring coin at the price of 8 million 850 thousand Tomans.
According to the Gold Cafe , in today's market on July 5, 2016, each gram of 18-carat gold was valued at 892,200 tomans, while in global markets, each ounce of gold was priced at $ 1775.
Today in the open market, the price of the all-spring Azadi coin is 9 million and 468 thousand Tomans for the new design and 8 million 900 Tomans for the old design.
Currently, the price of Bahar Azadi half coin is 4 million 750 thousand Tomans, Bahar Azadi quarter coin is 2 million 700 thousand Tomans and gram coin is 1 million 450 thousand Tomans and it is for sale.
Will the gold fall continue? + Technical analysis
The price of gold fell sharply yesterday, which surprised many market experts. Will the gold rush continue today?
Yesterday morning, the price of gold rose to $ 1,790, the highest level in eight years, but then fell to $ 35 and returned to $ 1,755. It eventually returned to $ 1,765. The reasons for yesterday's fall in gold prices are new hopes for the Covid-19 vaccine and US macroeconomic data .
If we look at the indicators, we find that gold has a very strong support at $ 1765 and $ 1760, and if prices fall, it will probably fall in this range.
At the top of the chart we also see the price of $ 1778 and 1779, which gold is resisting to reach. When gold returns to $ 1779, it can be assumed that the price of gold will reach $ 1790 again.
Analysis and forecast of continued decline in gold prices
The price of gold started to decrease from the end of last week , and this downward trend continued today, Saturday, July 5, 2016, and caused many worries for investors in this market.
Gold prices began to rise at an all-time high last year due to concerns over the rise in coronary heart disease last week.
On Wednesday last week, July 1, the price of gold after falling sharply and reaching the highest price in eight years, began to fall and fell below $ 1760. The reason was the news of rising hopes for the success of the Covid-19 vaccine and macroeconomic conditions.
Today, the decline in prices continued in relative terms, and the price of gold rose from $ 1770 in the morning to $ 1761. The main reason for the decline in world gold prices today can be attributed to the release of the US economic situation report, which is published earlier each month for the previous month.
According to the report, 4.8 million jobs were created in the United States last month, which is much more than economists forecast, ie 3 million jobs. The unemployment rate also fell to 11.1 percent, well above expectations.
The report's report pushed gold prices to $ 1,761 an ounce in the closing hours of last week, possibly promising a further decline at the beginning of the week. Gold fell below $ 1,700 last month after the report was released.
Although concerns about inflation and the continuing economic crisis remain, the rapid growth of the US economy could allay those concerns and affect the price of gold in the long run.
In general, expectations of gold are increasing and this decrease in prices is considered fluctuating. Despite last week's declines, gold prices are expected to continue to rise.
Rising dollar price to the channel of 19 thousand tomans
The price of dollars and euros was announced in the exchange office of Bank Melli Iran, which was higher than in the past.
According to the announced rates, the price of the dollar rose today at the National Exchange and the purchase price of the US dollar was announced at 19,500 (nineteen thousand five hundred tomans) and the selling price of the US dollar was announced at 19,980 (nineteen thousand nine hundred and eighty tomans).
Also, according to the announcement of Bank Melli Iran exchange office, the purchase price of Euro is 21,900 (twenty one thousand nine hundred Tomans) and the sale price of Euro is 22,400 (twenty two thousand four hundred Tomans).
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