Fed's July Meeting Minutes: Inflation Concerns Intensify

The increase in inflation concerns in the Fed minutes stands out as a supportive factor for gold prices. Although the RSI is near 70, it has not yet fully entered the overbought zone, and the MACD is positive and above its signal line. The price is well above the SMA20 and SMA50, indicating a strong uptrend. In the short term, the upward movement may continue due to safe-haven demand against inflation risks, but caution is advised as the market approaches overbought conditions.

Inflation concerns in the Fed minutes could dampen risk appetite and create selling pressure in equity markets. GOOGL's RSI is in neutral territory (50.2), and the MACD is in negative territory but approaching the signal line, indicating weak momentum. The price is just above the 20-day SMA but below the 50-day SMA, suggesting potential short-term resistance. Combining the news flow and technical outlook, a slight bearish bias can be expected in the short term, but the impact may remain limited.

The U.S. dollar index (DXY) is in oversold territory with an RSI of 17, having declined 0.88% over the past 24 hours. Inflation concerns highlighted in the Federal Reserve's minutes could weigh on the dollar in the short term. The MACD is in negative territory and below its signal line, indicating weak momentum. Trading below the SMA20 and SMA50 confirms a downtrend. However, given the oversold conditions, some technical rebound is possible, so I anticipate limited weakness rather than a strong decline.

The Federal Reserve's meeting minutes revealed increasing inflation concerns, which could weaken expectations for interest rate cuts and negatively impact risk appetite. Technically, the S&P 500 (SPX) is trading below its 20-day and 50-day moving averages, with the Relative Strength Index (RSI) at 38, indicating weak momentum. The Moving Average Convergence Divergence (MACD) is in negative territory, but its approach toward the signal line suggests that selling pressure may be easing. In the short term, the likelihood of continued downward movement is high; however, as the market nears oversold conditions, the pace of decline may remain limited.