Gold prices fell to hit 2317 in Asian trading on Monday. The dollar rose to its highest level in seven weeks, making gold more expensive for holders of other currencies, and U.S. Treasury yields also rose. Uncertainty about the timing of the Fed's rate cut.
In the short term, the outlook for gold appears bearish due to uncertainty about the timing of the Fed's rate cut. The stronger dollar and rising U.S. Treasury yields put additional downward pressure on gold prices. Traders should remain cautious and pay close attention to upcoming economic data, as any signs of strong economic performance could delay rate cuts and further depress gold prices.
Key U.S. economic reports this week include the second revision of gross domestic product (GDP), initial jobless claims, and core personal consumption expenditures. These reports, as well as speeches by multiple Fed speakers, could have a significant impact on gold prices. Traders should pay attention to signals on economic growth, inflation, and potential shifts in monetary policy.
[Technical side]
In the golden triangle range, the gold price fluctuated and adjusted in the short term. The weekly chart turned from green to red, and the price fell back below the MA10-day moving average. The short-term four-hour chart MA10/7-day moving average high 2346 dead cross opened downward, and the price fell to 2310 near the lower track of the Bollinger band. The RSI indicator broke through the middle axis 50 and turned downward. The strong bullish trend of gold ended on Friday. The first consideration for trading at the beginning of the week is the inertial rebound of the price after the oversold, and the short-selling pattern will be carried out after the rebound is blocked.
Asian trading strategy:
Short-term gold 2307-2309 long, stop loss 2298, target 2330-2340;
Short-term gold 2335-2337 short, stop loss 2346, target 2320-2310;
Note: The above strategy was updated on June 24. This strategy is an Asian market strategy, please identify the strategy release time
In the short term, the outlook for gold appears bearish due to uncertainty about the timing of the Fed's rate cut. The stronger dollar and rising U.S. Treasury yields put additional downward pressure on gold prices. Traders should remain cautious and pay close attention to upcoming economic data, as any signs of strong economic performance could delay rate cuts and further depress gold prices.
Key U.S. economic reports this week include the second revision of gross domestic product (GDP), initial jobless claims, and core personal consumption expenditures. These reports, as well as speeches by multiple Fed speakers, could have a significant impact on gold prices. Traders should pay attention to signals on economic growth, inflation, and potential shifts in monetary policy.
[Technical side]
In the golden triangle range, the gold price fluctuated and adjusted in the short term. The weekly chart turned from green to red, and the price fell back below the MA10-day moving average. The short-term four-hour chart MA10/7-day moving average high 2346 dead cross opened downward, and the price fell to 2310 near the lower track of the Bollinger band. The RSI indicator broke through the middle axis 50 and turned downward. The strong bullish trend of gold ended on Friday. The first consideration for trading at the beginning of the week is the inertial rebound of the price after the oversold, and the short-selling pattern will be carried out after the rebound is blocked.
Asian trading strategy:
Short-term gold 2307-2309 long, stop loss 2298, target 2330-2340;
Short-term gold 2335-2337 short, stop loss 2346, target 2320-2310;
Note: The above strategy was updated on June 24. This strategy is an Asian market strategy, please identify the strategy release time
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Gold broke through resistance after the European market opened. Accelerating upward, we can now go long first and then short.The short-term target is around 2340. Please wait for updates for more signalsTrade active
Trade active
Gold's rise was blocked and a large amount of funds were sold. It began to rebound at 2320 and now has a downward trend around 2327. We sell it with the trend, and the target below is to break below today's low of 2316~2310
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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.