Last Friday, driven by hopes of easing global trade tensions, the US dollar index rose, eventually closing up 0.325% at 99.61, ending a four-week losing streak. US Treasury yields continued to fall, with the benchmark 10-year Treasury yield closing at 4.24%; the two-year Treasury yield, which is more sensitive to monetary policy, closed at 3.744%.
Given the cooling of risk aversion and the strength of the US dollar, spot gold fell, hitting a low of 3365.2, and finally closed down 0.9% at 3318.2, marking the first weekly decline since the announcement of the reciprocal tariffs.
Gold did not break through the high of $3370 last Friday, and the trend of falling was triggered! Gold started to fall in the Asian and European sessions, and fell further in the US session to a low of $3265, a single-day drop of more than $100! Very powerful market trend, gold rebounded at the end of the trading day and finally closed at $3317. The weekly line closed with a shooting star with a very long upper shadow line. After such a pattern, gold has the need to continue to correct. At the beginning of the week, gold rebounded and continued to short. Today, gold focuses on the upper resistance at $3352. Rebound and continue to short below this resistance. Look at the $3320 and $3300 levels below. If it falls below, look at the $3270 level!
Overall, today's short-term operation strategy for gold is mainly based on rebounding high altitudes. The upper short-term focus is on the 3370-3380 resistance line, and the lower short-term focus is on the 3330-3320 support line.
Buy range: 3260-3258, SL: 3248, TP: 3280-3290
Sell range: 3310-3312, SL: 3322, TP: 3280-3270
First support: 3260, second support: 3250, third support: 3240
First resistance: 3310, second resistance: 3320, third resistance: 3330
Given the cooling of risk aversion and the strength of the US dollar, spot gold fell, hitting a low of 3365.2, and finally closed down 0.9% at 3318.2, marking the first weekly decline since the announcement of the reciprocal tariffs.
Gold did not break through the high of $3370 last Friday, and the trend of falling was triggered! Gold started to fall in the Asian and European sessions, and fell further in the US session to a low of $3265, a single-day drop of more than $100! Very powerful market trend, gold rebounded at the end of the trading day and finally closed at $3317. The weekly line closed with a shooting star with a very long upper shadow line. After such a pattern, gold has the need to continue to correct. At the beginning of the week, gold rebounded and continued to short. Today, gold focuses on the upper resistance at $3352. Rebound and continue to short below this resistance. Look at the $3320 and $3300 levels below. If it falls below, look at the $3270 level!
Overall, today's short-term operation strategy for gold is mainly based on rebounding high altitudes. The upper short-term focus is on the 3370-3380 resistance line, and the lower short-term focus is on the 3330-3320 support line.
Buy range: 3260-3258, SL: 3248, TP: 3280-3290
Sell range: 3310-3312, SL: 3322, TP: 3280-3270
First support: 3260, second support: 3250, third support: 3240
First resistance: 3310, second resistance: 3320, third resistance: 3330
Note
The market's optimism about the China-US trade agreement has weakened safe-haven assets and limited the rebound of gold. Gold opened higher on Monday, rising to $3,336. After encountering resistance, the price of gold fluctuated and fell to $3,267. It is currently trading at $3,282. Gold jumped higher in the Asian session and then fell back. In the short term, it is still under pressure at a high level, and the high point has moved down, but the support position of 3265 has not been lost. There are two pressure points after the rebound. The resistance of 3296 and 3306 can be sold when they are touched. The focus below is on the gains and losses of 3265-60. After breaking through, look at the 3246 line, and then the strong support of 3222. Personally predict: short selling on the rebound is the main; market concerns about trade have eased, and the pressure of the US dollar rebound is still there, which may cause gold prices to pull back from a high level. GOLD watershed: $3,306!
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✅Daily analysis and strategies
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
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.