https://www.tradingview.com/x/psTz569d/
💡Message Strategy
The dollar rebounded strongly, and gold fell under pressure
The primary driver of the gold price decline this time was the sudden strength of the dollar. After a brief correction, the US dollar index rebounded strongly, reaching a high of 99.40, with a daily increase of 0.4%, which is expected to be the best performance in the past two weeks. Since gold is denominated in US dollars, the appreciation of the US dollar directly weakened the attractiveness of gold to holders of other currencies, leading to an intensification of market selling.
US fiscal crisis + interest rate expectations, gold bulls suffered a double blow
In addition to the strengthening of the US dollar, the uncertainty of the US fiscal outlook also makes investors cautious. Although the market is worried that the US government debt may further expand (or increase by another $3.8 trillion in the next decade), it has not stimulated safe-haven buying of gold in the short term. On the contrary, the market is more concerned about the Fed's interest rate policy. The recent speeches of Fed officials tend to be hawkish. At present, traders generally bet that the Fed may restart interest rate cuts after September, but before that, gold may continue to be under pressure due to the high interest rate environment.
📊Technical aspects
1. The daily line lost the lifeline, and the lifeline was used as a downward pressure to find the lower track of the pattern
2. The four-hour pattern opened downward, indicating a wave of large-volume decline
3. The double lines of the hourly chart turned from support to resistance, suppressing further decline
4. In the large channel range, determine the upper track position of the channel, re-suppress the decline to find the lower track position of the channel, with a space range of about 200-300 US dollars
As shown in the figure: the middle track of the small blue channel line and the yellow large channel overlap the 3350 mark
The price fell below the middle track of the small blue channel. As time goes by, the price position reaches 3320-3330, which happens to be the pressure of the 3350 mark area and the position along the large channel line.
We are still looking at the action of holding high and breaking low, and the price will suppress the 3350 mark and fall below the lower track position of the channel at 3320 area.
💰 Strategy Package
Short Position：3320-3330,3340-3350
💡Message Strategy
The dollar rebounded strongly, and gold fell under pressure
The primary driver of the gold price decline this time was the sudden strength of the dollar. After a brief correction, the US dollar index rebounded strongly, reaching a high of 99.40, with a daily increase of 0.4%, which is expected to be the best performance in the past two weeks. Since gold is denominated in US dollars, the appreciation of the US dollar directly weakened the attractiveness of gold to holders of other currencies, leading to an intensification of market selling.
US fiscal crisis + interest rate expectations, gold bulls suffered a double blow
In addition to the strengthening of the US dollar, the uncertainty of the US fiscal outlook also makes investors cautious. Although the market is worried that the US government debt may further expand (or increase by another $3.8 trillion in the next decade), it has not stimulated safe-haven buying of gold in the short term. On the contrary, the market is more concerned about the Fed's interest rate policy. The recent speeches of Fed officials tend to be hawkish. At present, traders generally bet that the Fed may restart interest rate cuts after September, but before that, gold may continue to be under pressure due to the high interest rate environment.
📊Technical aspects
1. The daily line lost the lifeline, and the lifeline was used as a downward pressure to find the lower track of the pattern
2. The four-hour pattern opened downward, indicating a wave of large-volume decline
3. The double lines of the hourly chart turned from support to resistance, suppressing further decline
4. In the large channel range, determine the upper track position of the channel, re-suppress the decline to find the lower track position of the channel, with a space range of about 200-300 US dollars
As shown in the figure: the middle track of the small blue channel line and the yellow large channel overlap the 3350 mark
The price fell below the middle track of the small blue channel. As time goes by, the price position reaches 3320-3330, which happens to be the pressure of the 3350 mark area and the position along the large channel line.
We are still looking at the action of holding high and breaking low, and the price will suppress the 3350 mark and fall below the lower track position of the channel at 3320 area.
💰 Strategy Package
Short Position：3320-3330,3340-3350
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.