Gold fluctuates near the resistance point, and the short positio
Spot gold rose slightly in the European session on Friday (July 4), currently trading around $3,333/oz, up about 0.37%, and is expected to record a considerable increase of nearly 2% on a weekly basis. Behind this wave of gold price increases is the smooth passage of the massive tax cut and spending bill promoted by US President Trump in Congress, which has caused market concerns about the US fiscal situation. At the same time, the continued weakness of the US dollar index has further helped the rise in gold prices. As a traditional safe-haven asset, gold continues to be supported by bargain hunting.
Despite the continued rise in gold prices, physical gold demand in major Asian markets has been sluggish. Due to high prices, consumer purchasing interest has significantly weakened. In India in particular, the reduction in gold imports has led to a narrowing of the market discount. The weak demand in the Asian market is in sharp contrast to the risk aversion in the global financial market, highlighting the complexity of the current gold market. On the whole, fiscal concerns caused by the US tax cut bill, the weakening of the US dollar and the potential impact of Trump's tariff policy are jointly driving the upward trend of gold prices. The attractiveness of gold as a safe-haven asset is increasing, especially against the backdrop of increasing global economic uncertainty. In the future, as tariff policies are gradually implemented and the Federal Reserve's monetary policy becomes clearer, the gold market may have more opportunities to rise.
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Despite the continued rise in gold prices, physical gold demand in major Asian markets has been sluggish. Due to high prices, consumer purchasing interest has significantly weakened. In India in particular, the reduction in gold imports has led to a narrowing of the market discount. The weak demand in the Asian market is in sharp contrast to the risk aversion in the global financial market, highlighting the complexity of the current gold market. On the whole, fiscal concerns caused by the US tax cut bill, the weakening of the US dollar and the potential impact of Trump's tariff policy are jointly driving the upward trend of gold prices. The attractiveness of gold as a safe-haven asset is increasing, especially against the backdrop of increasing global economic uncertainty. In the future, as tariff policies are gradually implemented and the Federal Reserve's monetary policy becomes clearer, the gold market may have more opportunities to rise.
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Trade active
Personal operation analysis:Trend: Oscillating trend
Support: Near 3270.00
Resistance: Near 3350.50
Strategy:
View logic: Short view near 3345, stop loss 3351, take profit near 3300--3290, trailing stop loss 300 points.
Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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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.
Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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.