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On Tuesday, spot gold fell back mildly after yesterday's surge. The current gold price is around $3,384/ounce. Spot gold prices surged more than 1% on Monday and hit a five-week high. The main reason was that the US dollar and US bond yields plummeted, and investors were uneasy about the approaching deadline for tariff negotiations on August 1. The market is facing various uncertainties, which does provide support for gold.
Views on today's gold trend!
After more than a month of volatile trends, gold once again broke through the integer mark of 3,400 on the first trading day of this week. Under the current bullish sentiment of creating a new high, the previous short-term downward trend ended. From the daily chart, gold is still in an upward trend in the long term. The previous market rebounded effectively after touching the downward trend line, and the rebound force was considerable. With the restart of the bullish force, the main idea can carry the trend and buy on dips.
From the 4-hour chart, the continuous rise of gold and the turning of the moving average have made the market bulls more aggressive, which means that the previous short-term downward trend has ended. At present, a new trend is opening up in the 4-hour chart. The rise of gold has also established an upward trend line. You can consider buying on dips against the 3375 watershed.
Gold: Buy near 3375, defend 65, and target 3405-3410!
On Tuesday, spot gold fell back mildly after yesterday's surge. The current gold price is around $3,384/ounce. Spot gold prices surged more than 1% on Monday and hit a five-week high. The main reason was that the US dollar and US bond yields plummeted, and investors were uneasy about the approaching deadline for tariff negotiations on August 1. The market is facing various uncertainties, which does provide support for gold.
Views on today's gold trend!
After more than a month of volatile trends, gold once again broke through the integer mark of 3,400 on the first trading day of this week. Under the current bullish sentiment of creating a new high, the previous short-term downward trend ended. From the daily chart, gold is still in an upward trend in the long term. The previous market rebounded effectively after touching the downward trend line, and the rebound force was considerable. With the restart of the bullish force, the main idea can carry the trend and buy on dips.
From the 4-hour chart, the continuous rise of gold and the turning of the moving average have made the market bulls more aggressive, which means that the previous short-term downward trend has ended. At present, a new trend is opening up in the 4-hour chart. The rise of gold has also established an upward trend line. You can consider buying on dips against the 3375 watershed.
Gold: Buy near 3375, defend 65, and target 3405-3410!
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Gold begins to adjust to our predetermined positionTrade closed: target reached
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Hey, everyone. I'm Yulia, a girl from Russia working as an analyst in New York, USA. I've been doing this job for 13 years. I have professional financial knowledge. I hope you like me.
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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.
Hey, everyone. I'm Yulia, a girl from Russia working as an analyst in New York, USA. I've been doing this job for 13 years. I have professional financial knowledge. I hope you like me.
Related publications
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.