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Before the European market, spot gold fell under pressure and is currently trading around $3,100. However, a number of technical indicators show that the current correction space is limited and may rebound in the short term. The rise in global geopolitical risks and the expectation of a rate cut by the Federal Reserve continue to provide support for gold prices. At the same time, traders have raised expectations that the Federal Reserve will start cutting interest rates in June and expect a total of four rate cuts this year as Trump's trade policy has reignited the risk of a US recession. The benchmark 10-year US Treasury yield has fallen below 4.0%, hitting a six-month low, and the US dollar index has also fallen to a multi-month low, providing additional support for non-yielding assets such as gold.
Technical analysis:
From the 240-minute chart analysis, the price of gold has fallen below the middle track of the Bollinger Band (3120.89) after falling from its historical high of $3,167.60, and is currently trading around $3,100. The MACD indicator shows a dead cross pattern, the DIFF line and the DEA line diverge downward, and the histogram turns from red to green, suggesting that short-term downward pressure is increasing. However, the RSI indicator is at 47.65, and has not yet entered the oversold area, indicating that the downward momentum is limited.
From the daily chart, although the gold price has fallen from the high point, it still remains in the rising channel, indicating that the medium-term upward trend is still intact. The daily RSI indicator is at a relatively high level of 67.80, but has not entered the extremely overbought area. The MACD indicator remains above the zero axis, the DIFF and DEA lines run parallel, and the histogram shrinks slightly but is still positive, indicating that the medium-term upward trend has not ended. The price has formed a clear support near $3050.00, which will be the key position of the bulls' defense line.
Trend Expectation Analysis:
If the gold price can hold the $3085.00 support level and stand firm on the middle track of the Bollinger Band, it may re-challenge the $3150 resistance level, and after breaking through, it will re-test the historical high of $3167.60. The Fed's interest rate cut expectations and global risk aversion will continue to support gold prices. Once the non-farm payrolls data is lower than expected, gold prices are expected to continue to hit record highs.
If gold prices fall below the $3,085.00 support, they may fall further to the psychological level of $3,050.00, with the next support level at $3,000. Although short-term technical indicators have weakened, fundamental factors still support gold prices, and the possibility of a sharp decline is limited. The market is more alert to the risk of a rebound in the US dollar index due to the unexpected US non-farm data.
Trading is risky, control your position reasonably
If you don't know when to enter the market, or you have been losing money, join us. You can track Baker Bitcoin Gold Trading Center or leave me a message for real-time and accurate signals every day. Let's move towards victory together.
Before the European market, spot gold fell under pressure and is currently trading around $3,100. However, a number of technical indicators show that the current correction space is limited and may rebound in the short term. The rise in global geopolitical risks and the expectation of a rate cut by the Federal Reserve continue to provide support for gold prices. At the same time, traders have raised expectations that the Federal Reserve will start cutting interest rates in June and expect a total of four rate cuts this year as Trump's trade policy has reignited the risk of a US recession. The benchmark 10-year US Treasury yield has fallen below 4.0%, hitting a six-month low, and the US dollar index has also fallen to a multi-month low, providing additional support for non-yielding assets such as gold.
Technical analysis:
From the 240-minute chart analysis, the price of gold has fallen below the middle track of the Bollinger Band (3120.89) after falling from its historical high of $3,167.60, and is currently trading around $3,100. The MACD indicator shows a dead cross pattern, the DIFF line and the DEA line diverge downward, and the histogram turns from red to green, suggesting that short-term downward pressure is increasing. However, the RSI indicator is at 47.65, and has not yet entered the oversold area, indicating that the downward momentum is limited.
From the daily chart, although the gold price has fallen from the high point, it still remains in the rising channel, indicating that the medium-term upward trend is still intact. The daily RSI indicator is at a relatively high level of 67.80, but has not entered the extremely overbought area. The MACD indicator remains above the zero axis, the DIFF and DEA lines run parallel, and the histogram shrinks slightly but is still positive, indicating that the medium-term upward trend has not ended. The price has formed a clear support near $3050.00, which will be the key position of the bulls' defense line.
Trend Expectation Analysis:
If the gold price can hold the $3085.00 support level and stand firm on the middle track of the Bollinger Band, it may re-challenge the $3150 resistance level, and after breaking through, it will re-test the historical high of $3167.60. The Fed's interest rate cut expectations and global risk aversion will continue to support gold prices. Once the non-farm payrolls data is lower than expected, gold prices are expected to continue to hit record highs.
If gold prices fall below the $3,085.00 support, they may fall further to the psychological level of $3,050.00, with the next support level at $3,000. Although short-term technical indicators have weakened, fundamental factors still support gold prices, and the possibility of a sharp decline is limited. The market is more alert to the risk of a rebound in the US dollar index due to the unexpected US non-farm data.
Trading is risky, control your position reasonably
If you don't know when to enter the market, or you have been losing money, join us. You can track Baker Bitcoin Gold Trading Center or leave me a message for real-time and accurate signals every day. Let's move towards victory together.
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Signal entry: t.me/FcCygjylf
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.
✔Copy accurate trading signals✔Manage accounts🎁Stable profit of more than 210.8% per week🎁Success rate is as high as 98.55%, real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
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.