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💡Message Strategy
Gold prices (XAU/USD) remained under pressure in Asian trading on Friday, trading below $3,300, not far from the January low reached earlier this week. Gold failed to extend its modest overnight rebound, primarily due to the strong US dollar.
The Federal Reserve's latest hawkish tone has prompted a reassessment of the timeline for interest rate cuts, boosting demand for the US dollar and weighing on the non-interest-bearing asset of gold.
The US dollar index rose for the seventh consecutive day, reaching a new high since late May, further weakening gold's appeal. Key to driving the dollar was the latest inflation data: the US PCE price index rose to 2.6% year-on-year in June, while the core index remained stable at 2.8%, exceeding market expectations and reinforcing the view that inflation is persistent.
The U.S. July non-farm payroll report, due on Friday, is seen as a key indicator for assessing economic resilience and the outlook for interest rates. It is expected that employment will increase by 110,000 and the unemployment rate will rise slightly to 4.2%.
📊Technical aspects
From the current technical perspective:
1: The technical pattern suggests a weak rebound and weak continuation.
2: The weak sideways trend is expected to trigger a third phase of bottoming out, stimulated by data.
To summarize: Technically, based on the data, the pattern suggests a downward trend, driven by negative data, leading to a bottoming-out and rebound. Therefore, caution must be exercised against this type of bottoming-out and rebound after the data has been released.
💰Strategy Package
Strategy: Fall first, then rise
Short Position:3310-3315,SL:3325,Target: 3245-3250
Long Position:3240-3250，SL:3220，Target: 3300-3320
💡Message Strategy
Gold prices (XAU/USD) remained under pressure in Asian trading on Friday, trading below $3,300, not far from the January low reached earlier this week. Gold failed to extend its modest overnight rebound, primarily due to the strong US dollar.
The Federal Reserve's latest hawkish tone has prompted a reassessment of the timeline for interest rate cuts, boosting demand for the US dollar and weighing on the non-interest-bearing asset of gold.
The US dollar index rose for the seventh consecutive day, reaching a new high since late May, further weakening gold's appeal. Key to driving the dollar was the latest inflation data: the US PCE price index rose to 2.6% year-on-year in June, while the core index remained stable at 2.8%, exceeding market expectations and reinforcing the view that inflation is persistent.
The U.S. July non-farm payroll report, due on Friday, is seen as a key indicator for assessing economic resilience and the outlook for interest rates. It is expected that employment will increase by 110,000 and the unemployment rate will rise slightly to 4.2%.
📊Technical aspects
From the current technical perspective:
1: The technical pattern suggests a weak rebound and weak continuation.
2: The weak sideways trend is expected to trigger a third phase of bottoming out, stimulated by data.
To summarize: Technically, based on the data, the pattern suggests a downward trend, driven by negative data, leading to a bottoming-out and rebound. Therefore, caution must be exercised against this type of bottoming-out and rebound after the data has been released.
💰Strategy Package
Strategy: Fall first, then rise
Short Position:3310-3315,SL:3325,Target: 3245-3250
Long Position:3240-3250，SL:3220，Target: 3300-3320
Trade active
The current gold trend shows a pattern of "structural bearishness and emotional support".
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
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.
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
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.