At the end of the Asian market, spot gold maintained a sharp decline in the day. The current gold price is around $3,305/ounce, and it plummeted during the day.
Gold prices fluctuated this week, hitting a record high of $3,500/ounce, and then encountered resistance and fell to the $3,300/ounce level. The main reason for the record high in gold prices was that the market was worried that the Federal Reserve would lose its independence after US President Trump verbally attacked Federal Reserve Chairman Powell.
US President Trump said on Tuesday evening local time that he had no intention of firing Federal Reserve Chairman Powell. Trump also said that tariffs on Chinese imports would be "substantially" reduced from the current 145%.
Quaid believes that the hope of easing Sino-US trade tensions has driven a positive shift in risk sentiment and a recovery in the US dollar. Investors used this as an excuse to take profits on their gold long positions.
Latest trading analysis:
The gold daily chart shows that the 14-day relative strength index (RSI) has fallen back from the overbought area to the bullish area. The latest decline in this leading indicator supports a new round of decline in gold prices. However, as long as gold prices can hold the $3,300/oz level, gold buyers still have hope.
If the gold correction deepens, gold prices may challenge the 21-day simple moving average (SMA) of $3,163/oz. Before that, the $3,200/oz mark may provide some support for buyers.
On the other hand, if the upward trend resumes, gold prices may re-break through $3,400/oz and then aim for the historical high of $3,500/oz.
Gold has been volatile recently. If traders are not doing well in gold operations at present, I hope Quaid's analysis can make your investment smooth. Welcome all traders to communicate.
Gold prices fluctuated this week, hitting a record high of $3,500/ounce, and then encountered resistance and fell to the $3,300/ounce level. The main reason for the record high in gold prices was that the market was worried that the Federal Reserve would lose its independence after US President Trump verbally attacked Federal Reserve Chairman Powell.
US President Trump said on Tuesday evening local time that he had no intention of firing Federal Reserve Chairman Powell. Trump also said that tariffs on Chinese imports would be "substantially" reduced from the current 145%.
Quaid believes that the hope of easing Sino-US trade tensions has driven a positive shift in risk sentiment and a recovery in the US dollar. Investors used this as an excuse to take profits on their gold long positions.
Latest trading analysis:
The gold daily chart shows that the 14-day relative strength index (RSI) has fallen back from the overbought area to the bullish area. The latest decline in this leading indicator supports a new round of decline in gold prices. However, as long as gold prices can hold the $3,300/oz level, gold buyers still have hope.
If the gold correction deepens, gold prices may challenge the 21-day simple moving average (SMA) of $3,163/oz. Before that, the $3,200/oz mark may provide some support for buyers.
On the other hand, if the upward trend resumes, gold prices may re-break through $3,400/oz and then aim for the historical high of $3,500/oz.
Gold has been volatile recently. If traders are not doing well in gold operations at present, I hope Quaid's analysis can make your investment smooth. Welcome all traders to communicate.
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.