✅Today, gold continued its overnight decline at the opening, reaching a low of around 3302, and then rebounded near the technical support level. Overall, the current trend is still in a high-level oscillation pattern, and the market lacks clear unilateral momentum.
✅Fundamental support:
Geopolitical risks are rising: Iran threatens to strike Israeli nuclear facilities, and the situation in the Middle East remains tense, supporting the market's risk aversion sentiment.
The dollar index weakened: The US dollar is in the downward channel of the Bollinger Band, and the weekly and monthly lines are bearish, which indirectly supports the gold price.
Gold ETF holdings increased: The world's largest gold ETF (SPDR Gold Trust) increased its holdings by 2.01 tons to 936.22 tons, reflecting the recovery of market risk aversion demand.
✅Market structure and technical position analysis
🔶The current gold price remains in the range of 3300-3345 US dollars. The overall structure is neutral and bullish, but lacks breakthrough momentum. CPI data becomes a key guide.
🔶The short-term moving average system suppresses the gold price, and the price falls under pressure near the middle track of the Bollinger Band. The gold price remains above 3300, indicating that the long and short positions are temporarily in a tug-of-war state.
🔶The short-term moving average is flat, MACD adhesion is weak, KDJ has signs of golden cross at a low level, and the technical side supports the expectation of oscillation and bullishness.
🔴Key support level: 3300. If it falls below the 3300 integer mark, pay attention to 3280 (strong support), which is an important opportunity area for longs to re-enter.
🟢Key resistance level: 3343. If it breaks, it will open up space to around 3363.
✅Trading strategy suggestions
The European market strategy tends to be "volatile and bullish", and we should remain flexible:
🔰The aggressive Trader: consider placing long orders with a light position near 3302-3305, with a target of $3343 and a stop loss below 3289;
🔰The conservative Trader: it is recommended to wait for the price to pull back to around $3289 before entering the market to seek a technical rebound;
🔰Short order strategy: At this stage, we need to be cautious about shorting. If the price rebounds to the 3334-3345 range and is blocked and stagnant, we can consider short-term short orders and set a stop loss above 3350.
✅ Macro risk events:
We need to pay close attention to the US CPI data for May released on Wednesday (Eastern Time). The market generally expects CPI to be strong. If the data exceeds expectations, it may strengthen the expectation of the duration of high interest rates, which will put pressure on gold prices in the short term.
✅Fundamental support:
Geopolitical risks are rising: Iran threatens to strike Israeli nuclear facilities, and the situation in the Middle East remains tense, supporting the market's risk aversion sentiment.
The dollar index weakened: The US dollar is in the downward channel of the Bollinger Band, and the weekly and monthly lines are bearish, which indirectly supports the gold price.
Gold ETF holdings increased: The world's largest gold ETF (SPDR Gold Trust) increased its holdings by 2.01 tons to 936.22 tons, reflecting the recovery of market risk aversion demand.
✅Market structure and technical position analysis
🔶The current gold price remains in the range of 3300-3345 US dollars. The overall structure is neutral and bullish, but lacks breakthrough momentum. CPI data becomes a key guide.
🔶The short-term moving average system suppresses the gold price, and the price falls under pressure near the middle track of the Bollinger Band. The gold price remains above 3300, indicating that the long and short positions are temporarily in a tug-of-war state.
🔶The short-term moving average is flat, MACD adhesion is weak, KDJ has signs of golden cross at a low level, and the technical side supports the expectation of oscillation and bullishness.
🔴Key support level: 3300. If it falls below the 3300 integer mark, pay attention to 3280 (strong support), which is an important opportunity area for longs to re-enter.
🟢Key resistance level: 3343. If it breaks, it will open up space to around 3363.
✅Trading strategy suggestions
The European market strategy tends to be "volatile and bullish", and we should remain flexible:
🔰The aggressive Trader: consider placing long orders with a light position near 3302-3305, with a target of $3343 and a stop loss below 3289;
🔰The conservative Trader: it is recommended to wait for the price to pull back to around $3289 before entering the market to seek a technical rebound;
🔰Short order strategy: At this stage, we need to be cautious about shorting. If the price rebounds to the 3334-3345 range and is blocked and stagnant, we can consider short-term short orders and set a stop loss above 3350.
✅ Macro risk events:
We need to pay close attention to the US CPI data for May released on Wednesday (Eastern Time). The market generally expects CPI to be strong. If the data exceeds expectations, it may strengthen the expectation of the duration of high interest rates, which will put pressure on gold prices in the short term.
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.
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.