Gold operation strategy suggestionsFrom a technical perspective, gold, as an interest-free safe-haven asset, has performed strongly this year, with prices soaring by nearly $700 and repeatedly hitting record highs. However, the recent optimistic expectations of easing global economic and trade relations are gradually boosting market risk appetite, and the equity market is generally showing a positive trend. Some funds are withdrawing from safe-haven assets such as gold and flowing into risky assets, which has become the main psychological driving factor for gold prices to be under pressure. If market risk appetite continues to improve, global economic and trade relations are further eased, and the dollar strengthens, gold prices may face greater downward pressure, and the initial support level will test $3,260/ounce. If this support level is lost, gold prices may further drop to $3,225/ounce, or even challenge the integer mark of $3,200/ounce. In addition, if the US economic data performs strongly, the market's expectations for the Fed's interest rate cut may further cool, which will also put additional downward pressure on gold prices.
For gold, it is recommended to short at the 3336-3343 line when it rebounds, and to cover short positions at the 3360-3366 line when it rebounds. The stop loss is at 3373. The target is the 3310-3320 line. Continue to hold if it breaks through.
