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On Monday, the international gold price rose again by more than 1%. Benefiting from the weaker US dollar and the boost of safe-haven demand, gold first fell to 3206 and then rebounded to 3250, reversing the decline in the early trading. Gold has been under pressure in recent weeks because the market has gradually digested the expectation of stagflation and repriced the expectation of interest rate cuts. The market currently expects the Federal Reserve to cut interest rates by about 58 basis points by the end of the year, while the expectation at the peak of panic in April was as high as 120 basis points.
Views on the trend of gold in the evening!
The market trend in the past few days is a little speechless for friends who like unilateralism. The market is nothing more than falling or rising first, but basically it rises as much as it falls, and it always fluctuates back and forth in a range. This is actually quite similar to the trend last week. It is nothing more than not as drastic as last week. Tonight, I still prefer to see shocks rather than breakthroughs! The upper resistance is at the previous high of 3265±3, and the lower support is to continue to look at the 3200 integer mark!
From the hourly chart, the step-by-step rise is quite obvious, but the first resistance is at 3251. Only after the rise can we continue to see the suppression of 3265. So for today, the position near 3251 is the first attempt at short positions, and the second is 3265. If the rebound is in place, we will continue to play a short position. It is not a big problem to see a profit of 20 to 30 points. If it falls directly below 3200, there will be more room for surprises!
Gold: Short when it rebounds near 3251, defend above 8 US dollars, and if you are prudent, just wait for 3265, and target the 3230-20 line!
On Monday, the international gold price rose again by more than 1%. Benefiting from the weaker US dollar and the boost of safe-haven demand, gold first fell to 3206 and then rebounded to 3250, reversing the decline in the early trading. Gold has been under pressure in recent weeks because the market has gradually digested the expectation of stagflation and repriced the expectation of interest rate cuts. The market currently expects the Federal Reserve to cut interest rates by about 58 basis points by the end of the year, while the expectation at the peak of panic in April was as high as 120 basis points.
Views on the trend of gold in the evening!
The market trend in the past few days is a little speechless for friends who like unilateralism. The market is nothing more than falling or rising first, but basically it rises as much as it falls, and it always fluctuates back and forth in a range. This is actually quite similar to the trend last week. It is nothing more than not as drastic as last week. Tonight, I still prefer to see shocks rather than breakthroughs! The upper resistance is at the previous high of 3265±3, and the lower support is to continue to look at the 3200 integer mark!
From the hourly chart, the step-by-step rise is quite obvious, but the first resistance is at 3251. Only after the rise can we continue to see the suppression of 3265. So for today, the position near 3251 is the first attempt at short positions, and the second is 3265. If the rebound is in place, we will continue to play a short position. It is not a big problem to see a profit of 20 to 30 points. If it falls directly below 3200, there will be more room for surprises!
Gold: Short when it rebounds near 3251, defend above 8 US dollars, and if you are prudent, just wait for 3265, and target the 3230-20 line!
Trade active
Congratulations on getting the profit of the first target positionTrade closed: target reached
Now it has fallen to our second target, and gold has started to adjust again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Our goal is simple, to provide the most professional guidance for free to help everyone make a profit
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.