This is the Gold Market Outlook report written weekly by Takashi Kabuki, President and Chief Executive Officer of Investment Daily Co., Ltd., a pioneer in astrology market analysis and a leading figure in financial cycle analysis.

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Last week's New York gold market (near-month) closed at 4,018.8 dollars, down 94.9 dollars from the previous week. The low touched 3,963 dollars, briefly dipping below the key level, but it was maintained barely.
The situation in Iran has escalated with renewed fighting, keeping tensions high. The memorandum has effectively been discarded. The situation remains confused.

However, gold did not react and instead showed a stronger bias to the downside.
Undoubtedly this reflects inflation concerns. In the market, expectations of a Fed rate hike have strengthened, and gold is more likely to be pressured by rising interest rates rather than bought as a safe asset.

Last week's CPI release came in at 3.5%, below market expectations of 3.8%, easing inflation concerns. Yet there was no notable movement in interest rates. On the chart, gold remains in the upper end of a long-term triangle resistance zone. Last week there was concern that if CPI came in strong, the resistance level would be easily breached and accelerate, but this has not yet occurred. Of course, if it did, it would imply a downturn of significant impact for gold, but this has been avoided.

The scenario discussed last week would react in the same way for gold if another economic indicator showed rising inflationary pressure.

To view the continuation, please refer to the PDF file.

【Takashi Kabuki — Profile】
Graduated from Kansai Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst Raymond Merriman to publish the world’s first domestic market cycle and astrology report. Highly regarded for his cycle and astrology-based market analysis. President and CEO of Investment Daily Co., Ltd., President of Investor’s Daily Publishing Co., Ltd., member of the Japan Technical Analysts Association, Editor-in-Chief of “Investment Daily α.”

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Takaki Kagemitsu “Weekly Gold Market Outlook” July 21, 2026 issue