After the release of CPI data, spot gold rose slightly by $6 in the short term. The US dollar index quickly fell by about 14 points, hitting an intraday low of around 101.40, reflecting the failure of some traders' expectations of "sticky inflation". However, the decline did not last, and DXY subsequently rebounded by about 18 points to 101.54, indicating buying intervention and reassessment of the data.
From the daily chart, it can be observed that the recent trend of gold prices has shown obvious technical characteristics. Gold prices have formed a clear upward channel since March. After breaking through the 3200 mark in April, it once hit a high of 3499.83, and then fell back. The current gold price is around $3250, which has fallen back to the middle and lower track of the rising channel. The RSI indicator is currently in the neutral zone of 49.94, indicating that there is neither overbought nor oversold, and the market is in a relatively balanced state.
At present, it is recommended to operate in the range. You can try to short in the 3255-3260 area, and the target is around 3220
From the daily chart, it can be observed that the recent trend of gold prices has shown obvious technical characteristics. Gold prices have formed a clear upward channel since March. After breaking through the 3200 mark in April, it once hit a high of 3499.83, and then fell back. The current gold price is around $3250, which has fallen back to the middle and lower track of the rising channel. The RSI indicator is currently in the neutral zone of 49.94, indicating that there is neither overbought nor oversold, and the market is in a relatively balanced state.
At present, it is recommended to operate in the range. You can try to short in the 3255-3260 area, and the target is around 3220
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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.