Don’t panic if you hold short positions, continue to add short p
Updated
https://www.tradingview.com/x/yFWjW09Z/
After falling twice in Asia and Europe on the previous trading day, it finally hit a low of 2292 and then stabilized. Then gold prices began to rebound, eventually rising to the $2,333 level, giving bulls temporary breathing space. Despite falling U.S. Treasury yields and a weaker dollar, gold prices failed to sustain gains and ultimately failed to hold $2,330. The price is currently still volatile at $2,323.
While geopolitical risks linger on investors' minds, they have calmed down after Iran attacked Israel and Israel retaliated.
S&P Global revealed that business activity in the U.S. manufacturing sector shrank. This month, the manufacturing PMI fell from 51.9 to 49.9. On the other hand, both the services index and the composite index fell to 50.9 from 51.7 and 52.1.
Data from S&P Global reignited investor hopes for a rate cut, following hawkish comments from Fed officials last week, led by Chairman Jerome Powell.
Other data showed new home sales jumped to a six-month high while building permits remained in contraction territory, although the number was revised up to -3.7% from -4.3%, according to the Commerce Department.
This week, the U.S. economic conference will release the gross domestic product (GDP) for the first quarter of 2024. Analysts expect GDP growth to be 2.5%, down from 3.4% in the fourth quarter of 2023.
In addition, the U.S. Bureau of Economic Analysis will release the March personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure. Lower-than-expected data could prompt gold traders to buy the metal and aim for new all-time highs. Otherwise, rising prices could support U.S. Treasury yields and the dollar, which would act as headwinds for the non-yielding metal.
On the news, overall, the S&P Global PMI was weaker than expected, triggering speculation that the Federal Reserve may cut interest rates. Geopolitical tensions in the Middle East have eased, affecting gold's role as a safe-haven asset during turbulent times. Whether the Middle East issue will stir up trouble again and whether the Federal Reserve's interest rate cut will be implemented as soon as possible will still play a leading role in the trend of gold.
Following the negative closing of the market on Monday, it stepped back on the 2292 line on Tuesday to form a bottom rebound, but finally closed negative, and the daily line continued to close negative. This is the first time since March 25 this year that the daily line has been continuously negative. . The market price broke through the original convergence triangle consolidation range and began to increase downward pressure. Please pay attention to the following points for the layout of this trading day:
Secondly, the market opened weakly this week, falling below the support line that has been rising for more than a week, breaking through the consolidation range, and falling below the 2320 key support band. This means that the original callback range is no longer enough to adjust the previous rise, and must increase The extent of the retracement, lengthening the adjustment cycle, and re-building the support platform can lay the foundation for subsequent rises. This means that the callback action will not be completed within a short period of time. For some time to come, we will continue to short until a new support platform emerges;
Finally, on the last trading day, it reversed to above 2330, which is the 2332 mark, and continued to touch the previous starting and falling point of 2334. It is not difficult to find here that a counterattack during the decline can easily form a double top, and finally bear the pressure here and break out of the decline. Although there was a second rise in late trading, it ultimately failed to form a breakthrough. After oscillating around the 2323 line this trading day, the 2324 line has formed a more obvious up and down switching position. It is the previous low and current pressure point. We will continue to be bearish on this suppression this trading day.
Generally speaking, it is inevitable to increase the retracement and continue to fall below the low, especially when it falls below the key support level of 2320. It is inevitable to increase the magnitude of the retracement and expand the magnitude of the correction. Continue to pay attention to the high altitude this trading day. On the one hand, while holding short positions overnight, they continued to add positions and enter the market to go short in the morning.
International golden thinking layout, for reference only:
1. Short-term: Continue to hold short position 2326 overnight, increase short position 2323 in the morning, stop loss 2332, look at 2310 and 2300 positions
Inhibition points: 2324, 2330, 2334
Support points: 2310, 2300, 2292
After falling twice in Asia and Europe on the previous trading day, it finally hit a low of 2292 and then stabilized. Then gold prices began to rebound, eventually rising to the $2,333 level, giving bulls temporary breathing space. Despite falling U.S. Treasury yields and a weaker dollar, gold prices failed to sustain gains and ultimately failed to hold $2,330. The price is currently still volatile at $2,323.
While geopolitical risks linger on investors' minds, they have calmed down after Iran attacked Israel and Israel retaliated.
S&P Global revealed that business activity in the U.S. manufacturing sector shrank. This month, the manufacturing PMI fell from 51.9 to 49.9. On the other hand, both the services index and the composite index fell to 50.9 from 51.7 and 52.1.
Data from S&P Global reignited investor hopes for a rate cut, following hawkish comments from Fed officials last week, led by Chairman Jerome Powell.
Other data showed new home sales jumped to a six-month high while building permits remained in contraction territory, although the number was revised up to -3.7% from -4.3%, according to the Commerce Department.
This week, the U.S. economic conference will release the gross domestic product (GDP) for the first quarter of 2024. Analysts expect GDP growth to be 2.5%, down from 3.4% in the fourth quarter of 2023.
In addition, the U.S. Bureau of Economic Analysis will release the March personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure. Lower-than-expected data could prompt gold traders to buy the metal and aim for new all-time highs. Otherwise, rising prices could support U.S. Treasury yields and the dollar, which would act as headwinds for the non-yielding metal.
On the news, overall, the S&P Global PMI was weaker than expected, triggering speculation that the Federal Reserve may cut interest rates. Geopolitical tensions in the Middle East have eased, affecting gold's role as a safe-haven asset during turbulent times. Whether the Middle East issue will stir up trouble again and whether the Federal Reserve's interest rate cut will be implemented as soon as possible will still play a leading role in the trend of gold.
Following the negative closing of the market on Monday, it stepped back on the 2292 line on Tuesday to form a bottom rebound, but finally closed negative, and the daily line continued to close negative. This is the first time since March 25 this year that the daily line has been continuously negative. . The market price broke through the original convergence triangle consolidation range and began to increase downward pressure. Please pay attention to the following points for the layout of this trading day:
Secondly, the market opened weakly this week, falling below the support line that has been rising for more than a week, breaking through the consolidation range, and falling below the 2320 key support band. This means that the original callback range is no longer enough to adjust the previous rise, and must increase The extent of the retracement, lengthening the adjustment cycle, and re-building the support platform can lay the foundation for subsequent rises. This means that the callback action will not be completed within a short period of time. For some time to come, we will continue to short until a new support platform emerges;
Finally, on the last trading day, it reversed to above 2330, which is the 2332 mark, and continued to touch the previous starting and falling point of 2334. It is not difficult to find here that a counterattack during the decline can easily form a double top, and finally bear the pressure here and break out of the decline. Although there was a second rise in late trading, it ultimately failed to form a breakthrough. After oscillating around the 2323 line this trading day, the 2324 line has formed a more obvious up and down switching position. It is the previous low and current pressure point. We will continue to be bearish on this suppression this trading day.
Generally speaking, it is inevitable to increase the retracement and continue to fall below the low, especially when it falls below the key support level of 2320. It is inevitable to increase the magnitude of the retracement and expand the magnitude of the correction. Continue to pay attention to the high altitude this trading day. On the one hand, while holding short positions overnight, they continued to add positions and enter the market to go short in the morning.
International golden thinking layout, for reference only:
1. Short-term: Continue to hold short position 2326 overnight, increase short position 2323 in the morning, stop loss 2332, look at 2310 and 2300 positions
Inhibition points: 2324, 2330, 2334
Support points: 2310, 2300, 2292
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Trust my analysis, because I am the best, hahaTrade active
Today’s signal is 100% accurate and the profit has been made
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