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Gold prices continued their decline from the previous session on Thursday, July 24, slipping further below the 3,400 mark as trade tensions eased and risk sentiment rose. Gold's decline today means a second consecutive day of decline as investors turned their attention to more positive trade progress since yesterday. However, gold still received buying support earlier this week, breaking through $3,400 at one point. This round of gains tested key resistance levels on the gold daily chart, but in the end the bears held their ground.
Risk data interpretation!
Investors are currently waiting for U.S. Purchasing Managers Index (PMI) data for new trading instructions. If any PMI index falls below 50.0, indicating a contraction in economic activity in related industries, the dollar may face pressure and help gold prices rise.
The market will also pay close attention to developments surrounding the ongoing discord between U.S. President Trump and Federal Reserve Chairman Powell. The White House announced Trump's schedule, and Trump will visit the Federal Reserve at 4 p.m. Eastern Time on Thursday.
Views on the trend of gold!
The trend of gold is directly reversed from that of Monday and Tuesday this week. At the beginning of this week, gold rose slowly and continuously without giving a chance to retrace, while today it retreated continuously and did not give a rebound. Does it look familiar? The trend is bearish and I want to short but I can't do it. In fact, we are still bullish in the morning today, and the watershed is actually at the 3375 line. After the frequent breakouts in the European session, it means that the current bulls are suppressed again.
And the K-line on the hourly line is more obvious. There is no positive line in the continuous negative retracement, so the weakness will continue. After all, the Asian session is weak today, and the European session is also continuously weak. The current market has reached the 3363 line, which is actually not far from our second support of 3350. So the US session needs to focus on this position. If the US session can hold, there is still hope for a rebound. Otherwise, it will fall continuously today!
Gold: Long around 3350, defend 3340, and target the 3385-93 line
Gold prices continued their decline from the previous session on Thursday, July 24, slipping further below the 3,400 mark as trade tensions eased and risk sentiment rose. Gold's decline today means a second consecutive day of decline as investors turned their attention to more positive trade progress since yesterday. However, gold still received buying support earlier this week, breaking through $3,400 at one point. This round of gains tested key resistance levels on the gold daily chart, but in the end the bears held their ground.
Risk data interpretation!
Investors are currently waiting for U.S. Purchasing Managers Index (PMI) data for new trading instructions. If any PMI index falls below 50.0, indicating a contraction in economic activity in related industries, the dollar may face pressure and help gold prices rise.
The market will also pay close attention to developments surrounding the ongoing discord between U.S. President Trump and Federal Reserve Chairman Powell. The White House announced Trump's schedule, and Trump will visit the Federal Reserve at 4 p.m. Eastern Time on Thursday.
Views on the trend of gold!
The trend of gold is directly reversed from that of Monday and Tuesday this week. At the beginning of this week, gold rose slowly and continuously without giving a chance to retrace, while today it retreated continuously and did not give a rebound. Does it look familiar? The trend is bearish and I want to short but I can't do it. In fact, we are still bullish in the morning today, and the watershed is actually at the 3375 line. After the frequent breakouts in the European session, it means that the current bulls are suppressed again.
And the K-line on the hourly line is more obvious. There is no positive line in the continuous negative retracement, so the weakness will continue. After all, the Asian session is weak today, and the European session is also continuously weak. The current market has reached the 3363 line, which is actually not far from our second support of 3350. So the US session needs to focus on this position. If the US session can hold, there is still hope for a rebound. Otherwise, it will fall continuously today!
Gold: Long around 3350, defend 3340, and target the 3385-93 line
Trade active
Gold started to rise
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.