In the early Asian session on Tuesday, gold fluctuated in a narrow range and is currently around 2368. Gold fell more than 1% on Monday, basically giving up all the gains on Friday, as stock market risks rebounded and investors took profits after the previous trading day's surge in expectations that the Federal Reserve might cut interest rates in September! However, the geopolitical situation remains tense, and the market's expectations for the Federal Reserve's September rate cut are gradually heating up. It is expected that bargain hunting will provide support for gold prices, and gold prices still have a chance to test the resistance near the 2400 mark in the future.
The unexpected result of the French election provided the dollar with an opportunity to rebound, but it remained weak overall after Friday's U.S. jobs data boosted bets that the Federal Reserve will soon start cutting interest rates. In addition, China, the largest consumer of gold, did not buy gold for the second consecutive month in June this year, which was also a major factor in the sharp drop in gold prices.
The Nasdaq and S&P 500 indexes of the U.S. stock market hit record highs at one point, and the Dow Jones Industrial Average hit its highest level in more than a month. The market currently expects a 71% probability of the Federal Reserve cutting interest rates in both September and December. Investors this week will focus on Fed Chairman Powell's semi-annual congressional testimony, a series of speeches by Fed officials, and U.S. inflation data to be released on Thursday.
[Technical side]
Gold daily line alternates between long and short cycles and falls into wide fluctuations. Gold gave up Friday's non-agricultural gains and experienced a technical correction. The daily line once again showed a red-green alternation cycle and fell into fluctuations. The MA7 daily moving average retreated to 2350 and stopped rebounding. The RSI indicator was above the central axis. The price on the four-hour chart retreated to the middle track of the 26-cycle Bollinger band, and the RSI indicator adjusted its central axis. Gold technical side alternates between long and short moves, and the downward adjustment depth and strength are not small. The main long trading idea is maintained at a relatively low level, and the high-altitude auxiliary. The overall trading shock treatment range is 2350/2390!
Asian trading strategy: Short-term gold 2350-2352 long, stop loss 2341, target 2370-2380;
Short-term gold 2367-2370 short, stop loss 2378, target 2350-2360;
Note: The above strategy was updated on July 9. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, NY time strategy is waiting for update
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Today's analysis and strategy is to sell at 2367~2370. The strategy has made a profit of 50pips. I hope you have also made a profit
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Today's strategy has TP, profit 80pips
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BUY zone :2357~2360 SL:2352 TP:2370~2375 Use small size, install SL/TP and run safely
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Congratulations to my friends who followed my signal. SELL2368 is at 2360TP, BUY2360 is at 2365TP
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