Gold continues to fluctuate, where will it go next week?Fundamental analysis:
With the Trump administration's massive tax cut and spending bill officially implemented, the U.S. Treasury may start a "supply flood" of short-term Treasury bonds to make up for the trillions of dollars in fiscal deficits in the future. The market has begun to respond to future supply pressures. Concerns about the oversupply of short-term Treasury bonds have been directly reflected in prices - the yield on 1-month short-term Treasury bonds has risen significantly since Monday this week. A closer look at non-agricultural new jobs exceeded expectations, but nearly half came from government departments, which is likely to reverse in July. Slowing wage growth, declining total working hours, stagnant wage income growth, and worrying consumer spending are all signs of support for gold.
Gold bottomed out and rose from the low of 3245 this week, and then soared all the way to 3365. Finally, the weekly line closed with a positive line with an upper shadow. From the overall trend, after the data is digested, next week will still be treated with a volatile mindset. The large range will focus on the 3280-3393 area. If it does not break, it will still be mainly a sweeping operation. On the daily line, it also closed with a positive line with a long upper shadow, and closed firmly above 3323. It repeatedly tested the pressure of 3345 and did not break and fell back. The structure still maintained an oscillation rhythm within a small range. From the 4-hour cycle, the Bollinger Bands closed significantly. If it opens normally next week, pay attention to the 3325-3315 and 3311 areas when it falls back to support, and pay attention to the 3357 and 3365 positions when it hits the high pressure. It is recommended to maintain the strategy of selling high and buying low in operation and respond to the trend.For more specific operational details and strategy updates, please pay attention to the notifications at the bottom 🌐 and follow them in time.
