https://www.tradingview.com/x/4uxXco91/
💡Message Strategy
Gold remained under pressure today, hovering around the $3,300 mark, mainly affected by the mild rebound of the U.S. dollar. As gold prices are highly sensitive to the U.S. dollar, a stronger dollar usually suppresses demand for gold. However, gold still remains above this week's low, indicating that there is still a lot of room for further decline.
Tim Waterer, chief market analyst at KCM Trade, said: "The market is hesitant to establish new gold long positions before the release of the US core PCE."
The market currently expects the Federal Reserve to cut interest rates by 50 basis points by the end of this year, and the first rate cut may begin in October.
📊Technical aspects
From a technical perspective, gold prices have been frustrated at the $3,320 resistance level, with a short-term bias to the downside. The momentum indicator on the 4-hour chart has turned negative, supporting gold prices to further test the $3,280 support level. If it fails, it may fall to the previous day's low of $3,250. If it breaks further, it may fall to the key psychological support of $3,200.
The rebound of the US dollar has put some pressure on gold, but the weak support of gold prices still shows a clear decline. Considering the rising geopolitical risks and the uncertainty of US policies, the market tends to maintain a short position in gold.
💰 Strategy Package
Long Position:3295-3300
💡Message Strategy
Gold remained under pressure today, hovering around the $3,300 mark, mainly affected by the mild rebound of the U.S. dollar. As gold prices are highly sensitive to the U.S. dollar, a stronger dollar usually suppresses demand for gold. However, gold still remains above this week's low, indicating that there is still a lot of room for further decline.
Tim Waterer, chief market analyst at KCM Trade, said: "The market is hesitant to establish new gold long positions before the release of the US core PCE."
The market currently expects the Federal Reserve to cut interest rates by 50 basis points by the end of this year, and the first rate cut may begin in October.
📊Technical aspects
From a technical perspective, gold prices have been frustrated at the $3,320 resistance level, with a short-term bias to the downside. The momentum indicator on the 4-hour chart has turned negative, supporting gold prices to further test the $3,280 support level. If it fails, it may fall to the previous day's low of $3,250. If it breaks further, it may fall to the key psychological support of $3,200.
The rebound of the US dollar has put some pressure on gold, but the weak support of gold prices still shows a clear decline. Considering the rising geopolitical risks and the uncertainty of US policies, the market tends to maintain a short position in gold.
💰 Strategy Package
Long Position:3295-3300
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
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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.
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
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.