Information summary:
The easing of tensions in the Middle East is the main reason for the suppression of gold. Risk aversion has weakened, and the market has entered a risk-taking mode. Gold prices are well supported near $3,300.
Powell released an important signal: The market expected Powell to strongly refute the possibility of a rate cut, but he remained on the sidelines. The market still generally believes that the July 29-30 meeting is unlikely to initiate a rate cut, and the first rate cut is expected to be in September.
Market analysis:
Gold has fallen for seven consecutive weeks, which has changed the current bull structure in stages, so there is no doubt that gold is expected to fall back as a whole. The early decline was near 3355, which is the current long-short watershed of gold. As long as the adjustment does not break through the 3355 position, the overall short-term adjustment pattern of gold will not change.
The early Asian market did not continue to retreat, but the short-term rebound had a long buying force accumulation, but as long as it did not break through 3355, the market trend was still weak, and it was adjusted by low-level shock correction. Today, there is a high probability of movement around the falling range. The short-term support below is around 3290. If this position is lost, it may touch the turning point around 3275.
Operation strategy:
Go long when the price falls back to around 3315, stop loss at 3305, and profit range 3345-3350.
The easing of tensions in the Middle East is the main reason for the suppression of gold. Risk aversion has weakened, and the market has entered a risk-taking mode. Gold prices are well supported near $3,300.
Powell released an important signal: The market expected Powell to strongly refute the possibility of a rate cut, but he remained on the sidelines. The market still generally believes that the July 29-30 meeting is unlikely to initiate a rate cut, and the first rate cut is expected to be in September.
Market analysis:
Gold has fallen for seven consecutive weeks, which has changed the current bull structure in stages, so there is no doubt that gold is expected to fall back as a whole. The early decline was near 3355, which is the current long-short watershed of gold. As long as the adjustment does not break through the 3355 position, the overall short-term adjustment pattern of gold will not change.
The early Asian market did not continue to retreat, but the short-term rebound had a long buying force accumulation, but as long as it did not break through 3355, the market trend was still weak, and it was adjusted by low-level shock correction. Today, there is a high probability of movement around the falling range. The short-term support below is around 3290. If this position is lost, it may touch the turning point around 3275.
Operation strategy:
Go long when the price falls back to around 3315, stop loss at 3305, and profit range 3345-3350.
The gold market is my stage, and turning the market's fluctuations into our interests is my skill.
Welcome everyone to join my signal exchange group: t.me/+5W95IZ8-mFUwY2Zh
Welcome everyone to join my signal exchange group: t.me/+5W95IZ8-mFUwY2Zh
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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.
The gold market is my stage, and turning the market's fluctuations into our interests is my skill.
Welcome everyone to join my signal exchange group: t.me/+5W95IZ8-mFUwY2Zh
Welcome everyone to join my signal exchange group: t.me/+5W95IZ8-mFUwY2Zh
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.