Analysis of gold price trend on Tuesday
업데이트됨
Spot gold is currently trading around 2330 in early Asian trading on Tuesday. Gold prices rose 0.23% on Monday, and the US June ISM manufacturing PMI data was worse than market expectations, which also provided upward momentum for gold. The market focus turned to the US NFP data to be released later this week, which may provide more clues for the Fed's interest rate cut.
U.S. manufacturing shrank for the third straight month in June, and a measure of factory input prices fell to a six-month low due to weak demand for goods, suggesting that inflation may continue to recede. This week, the market focuses on a speech by Federal Reserve Chairman Powell on Tuesday, the minutes of the central bank's latest policy meeting on Wednesday, and U.S. non-farm payrolls on Friday. U.S. markets will be closed on Thursday.
Powell is likely to stick to his data-dependent stance, so gold prices could rise again if U.S. NFP data is weak later this week. The market currently expects a 64% chance of a rate cut by the Federal Reserve in September and another in December. Lower interest rates can reduce the cost of holding gold. In addition, geopolitical concerns and concerns about the uncertainty of the French election situation also provide some support for gold prices.
[Technical side]
The battle between long and short gold is hard to separate, and both long and short gold have opportunities. Yesterday, the gold price continued to pull around the 2320/2340 range repeatedly, and the daily line rose slightly, continuing to close around the long and short red and green alternately. The technical short-term four-hour chart and hourly chart are not very weak. The price basically maintains the upper and middle track of the Bollinger band and continues to adjust. The RSI indicator continues to run above the middle axis. The technical side continues to maintain the range operation and fluctuate. Before breaking the range, keep the idea of selling high and buying low to participate.
Asian trading strategy:
Short-term gold 2318-2320 long, stop loss 2311, target 2335-2345;
Short-term gold 2338-2340 short, stop loss 2349, target 2320-2310;
U.S. manufacturing shrank for the third straight month in June, and a measure of factory input prices fell to a six-month low due to weak demand for goods, suggesting that inflation may continue to recede. This week, the market focuses on a speech by Federal Reserve Chairman Powell on Tuesday, the minutes of the central bank's latest policy meeting on Wednesday, and U.S. non-farm payrolls on Friday. U.S. markets will be closed on Thursday.
Powell is likely to stick to his data-dependent stance, so gold prices could rise again if U.S. NFP data is weak later this week. The market currently expects a 64% chance of a rate cut by the Federal Reserve in September and another in December. Lower interest rates can reduce the cost of holding gold. In addition, geopolitical concerns and concerns about the uncertainty of the French election situation also provide some support for gold prices.
[Technical side]
The battle between long and short gold is hard to separate, and both long and short gold have opportunities. Yesterday, the gold price continued to pull around the 2320/2340 range repeatedly, and the daily line rose slightly, continuing to close around the long and short red and green alternately. The technical short-term four-hour chart and hourly chart are not very weak. The price basically maintains the upper and middle track of the Bollinger band and continues to adjust. The RSI indicator continues to run above the middle axis. The technical side continues to maintain the range operation and fluctuate. Before breaking the range, keep the idea of selling high and buying low to participate.
Asian trading strategy:
Short-term gold 2318-2320 long, stop loss 2311, target 2335-2345;
Short-term gold 2338-2340 short, stop loss 2349, target 2320-2310;
액티브 트레이드
Note: The above strategy was updated on July 2. This strategy is an Asian market strategy. Please pay attention to the validity period of the strategy release.액티브 트레이드
액티브 트레이드
액티브 트레이드
The lowest point is 2323. Then it quickly swallows up the decline. Bears are weak, now bulls are strong액티브 트레이드
Today is a market where Asian and European markets are washing up and down. Now it has fallen below the previous low. It is expected that the NY market will continue to fall. Breaking a new low
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