The minutes of the May FOMC meeting released yesterday suggested that the path of interest rate cuts this year may be more cautious, which suppressed the market's expectations for the Fed's interest rate cuts. As an interest-free asset, gold has become less attractive as the expectation of interest rate cuts has cooled. Investors prefer assets with interest income, which has led to a decline in gold demand and a drop in prices. In addition, affected by the Fed's hawkish expectations, the US dollar index rose in the late trading, and the gold price denominated in US dollars is vulnerable to suppression.
For the current market, we mainly follow the trend in the short term. If the market falls, we follow the fall. The right direction is more important than anything else. Previously, 3290 was the key watershed between long and short positions. Now it has fallen below and has turned into a key suppression position above. We can lightly arrange short orders near the intraday rebound near 3290. The lower side may fall further to the 3230 mark!
Gold strategy:
Buy range: 3230-3228, SL: 3218, TP: 3250-3260
Sell range: 3288-3290, SL: 3300, TP: 3270-3260
Key points:
First support: 3230, second support: 3220, third support: 3210
First resistance: 3290, second resistance: 3300, third resistance: 3310
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For the current market, we mainly follow the trend in the short term. If the market falls, we follow the fall. The right direction is more important than anything else. Previously, 3290 was the key watershed between long and short positions. Now it has fallen below and has turned into a key suppression position above. We can lightly arrange short orders near the intraday rebound near 3290. The lower side may fall further to the 3230 mark!
Gold strategy:
Buy range: 3230-3228, SL: 3218, TP: 3250-3260
Sell range: 3288-3290, SL: 3300, TP: 3270-3260
Key points:
First support: 3230, second support: 3220, third support: 3210
First resistance: 3290, second resistance: 3300, third resistance: 3310
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Note
News: On Thursday (May 29), due to the US federal court's halt to President Trump's "Liberation Day" tariff measures, gold lost some of its safe-haven appeal, and the strengthening of the US dollar caused gold prices to hit their lowest level in more than a week. At present, the market is paying attention to the upcoming US GDP data and core personal consumption expenditures (PCE) data to further determine the possible path of the Fed's future interest rate cuts.Technical: From the daily chart, gold closed negative for the fourth consecutive day, and the price has effectively fallen below the lower track of the short-term rising channel, and continued to run below the 5-day and 10-day moving averages, indicating that the short-term momentum has weakened. The MACD fast and slow lines have a dead cross, and the green column is enlarged, further confirming the short signal. The 1-hour gold chart shows that the Bollinger band opens downward, the gold price is near the middle track, and the short-term is volatile; the short-term important pressure position is near 3292; if it breaks through, it will be around 3303-3315; the key support position below is the support band of 3260; if it breaks, it will be around 3250-3245! Comprehensive analysis: It is expected to operate in the range of 3260-3300 in the evening. Personally, I suggest selling at high levels as the main approach and buying at low levels as the auxiliary approach! GOLD watershed: $3285
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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.