Fundamental analysis:
Tomorrow will see the decision of the Federal Open Market Committee, which may pose a risk to bulls as the Fed is likely to refute the market's aggressive dovish pricing expectations. From a more macro perspective, as the Fed implements loose policies, real yields may continue to fall and gold is still in an upward trend. But in the short term, more positive news on tariffs and a hawkish stance by the Fed may trigger a further decline in gold prices as the market readjusts to the new situation.
Technical analysis:
Gold prices broke through the shock range strongly in the early Asian session, jumping from $3,330 to $3,386, and then slowly fell to $3,350; it climbed again to $3,385 during the European session. The European session did not break through the early high, but there was no excessive retracement, and the European session as a whole maintained high shocks. Looking at the 4-hour chart, the current upward resistance is 3,395, and the support level is 3,350 below. If the upward movement today can strongly break through the resistance level of 3395, the price of gold may reach the high point of 3400-3430.
If the price of gold fails to break through the resistance level of 3395 and continues to fluctuate at a high level, it will prepare for a continuous rise and break through the high.
Operation strategy:
Long strategy: enter the market and do more, and the upward range looks at the high point of 3400-3430.
Short strategy: short at 3410, and the downward position looks at the support range of 3370-3350.
Tomorrow will see the decision of the Federal Open Market Committee, which may pose a risk to bulls as the Fed is likely to refute the market's aggressive dovish pricing expectations. From a more macro perspective, as the Fed implements loose policies, real yields may continue to fall and gold is still in an upward trend. But in the short term, more positive news on tariffs and a hawkish stance by the Fed may trigger a further decline in gold prices as the market readjusts to the new situation.
Technical analysis:
Gold prices broke through the shock range strongly in the early Asian session, jumping from $3,330 to $3,386, and then slowly fell to $3,350; it climbed again to $3,385 during the European session. The European session did not break through the early high, but there was no excessive retracement, and the European session as a whole maintained high shocks. Looking at the 4-hour chart, the current upward resistance is 3,395, and the support level is 3,350 below. If the upward movement today can strongly break through the resistance level of 3395, the price of gold may reach the high point of 3400-3430.
If the price of gold fails to break through the resistance level of 3395 and continues to fluctuate at a high level, it will prepare for a continuous rise and break through the high.
Operation strategy:
Long strategy: enter the market and do more, and the upward range looks at the high point of 3400-3430.
Short strategy: short at 3410, and the downward position looks at the support range of 3370-3350.
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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.
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.