Gold rebound is powerless and waiting for catalyst! European sup
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In the Asian session on Wednesday, spot gold suddenly fell rapidly in the short term, falling to the lowest level of 3284. At present, gold is firmly bearish in the near term, and the price of gold may fall to $3247/ounce. The Federal Open Market Committee (FOMC) is scheduled to release the minutes of the June monetary policy meeting on Wednesday. This document may reiterate what speculative interest already knows, that is, Fed officials are satisfied with their recent wait-and-see stance.
The Federal Open Market Committee (FOMC) will release the minutes of the June monetary policy meeting. The minutes of the Fed's June 17-18 meeting to be released will send a more dovish signal than expected, and the "wait-and-see period" for rate cuts may end in late summer.
Views on today's gold trend!
Looking back at the market, it fell first and then rose on Monday, and then retreated directly on Tuesday. The market turned so sharply, and after gold broke below 3300 again yesterday, the market tended to be weak. At present, the upward trend of gold is still in effect, but buyers seem to be losing momentum. It is worth noting that the relative strength index (RSI) triggered a "sell signal" as the index fell below 50, indicating that sellers outnumbered buyers.
From the perspective of price action, gold prices need to fall below the June 30 low of $3,246/oz to pave the way for further declines. From the 4-hour trend chart and the daily trend, the key node of opening pressure is around 3,321. This position is the low point of yesterday's sideways trading, and it is also the key suppression level of the trend line and the moving average. If you want to weaken again today, this position cannot stand firm, and the support below will first look at the double support of 3,376 and 3,247!
Gold: Short near 3,321, defend 3,331, and target 3,296-3,285! Enter long orders if it falls back to around 3,276 without breaking, defend 70, and target 3,310! If it continues to break, wait for the 3,347 first-line support to take more!
In the Asian session on Wednesday, spot gold suddenly fell rapidly in the short term, falling to the lowest level of 3284. At present, gold is firmly bearish in the near term, and the price of gold may fall to $3247/ounce. The Federal Open Market Committee (FOMC) is scheduled to release the minutes of the June monetary policy meeting on Wednesday. This document may reiterate what speculative interest already knows, that is, Fed officials are satisfied with their recent wait-and-see stance.
The Federal Open Market Committee (FOMC) will release the minutes of the June monetary policy meeting. The minutes of the Fed's June 17-18 meeting to be released will send a more dovish signal than expected, and the "wait-and-see period" for rate cuts may end in late summer.
Views on today's gold trend!
Looking back at the market, it fell first and then rose on Monday, and then retreated directly on Tuesday. The market turned so sharply, and after gold broke below 3300 again yesterday, the market tended to be weak. At present, the upward trend of gold is still in effect, but buyers seem to be losing momentum. It is worth noting that the relative strength index (RSI) triggered a "sell signal" as the index fell below 50, indicating that sellers outnumbered buyers.
From the perspective of price action, gold prices need to fall below the June 30 low of $3,246/oz to pave the way for further declines. From the 4-hour trend chart and the daily trend, the key node of opening pressure is around 3,321. This position is the low point of yesterday's sideways trading, and it is also the key suppression level of the trend line and the moving average. If you want to weaken again today, this position cannot stand firm, and the support below will first look at the double support of 3,376 and 3,247!
Gold: Short near 3,321, defend 3,331, and target 3,296-3,285! Enter long orders if it falls back to around 3,276 without breaking, defend 70, and target 3,310! If it continues to break, wait for the 3,347 first-line support to take more!
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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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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.