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Why did gold return to 3,400? Reasons explained!
1 As investors continue to focus on US President Trump's August 1 tariff deadline, trade uncertainty and weaker US Treasury yields have pushed gold prices to a five-week high. At the same time, trade uncertainty is also triggering some safe-haven demand.
2 At the same time, investors are also preparing for the Federal Reserve meeting next week. Although the Fed is expected to keep interest rates unchanged, the market expects that the Fed may cut interest rates in October. Gold is traditionally seen as a hedge tool in uncertain times and tends to perform well in a low-interest rate environment.
Views on today's gold trend!
After two consecutive days of rising this week, the sentiment of gold bulls has basically been ignited. There has been basically no obvious retracement in the past few days. Either it is a slow rise in a row, or it is a direct acceleration of the rise after sideways fluctuations. After the first wave of highs at the opening today, the market is still at a rising node!
The watershed of the retracement on the hourly chart is still the break point of 3403, but it is too far from our current position to enter the market at this position. In addition, the current continuous rise of gold and the turning of the moving average have made the market bulls more aggressive, which means that the previous short-term downward trend has ended. The point of today's retracement layout can focus on the vicinity of 3412!
Gold: Long near 3411, defend below 3403, and target 3440-50!
Why did gold return to 3,400? Reasons explained!
1 As investors continue to focus on US President Trump's August 1 tariff deadline, trade uncertainty and weaker US Treasury yields have pushed gold prices to a five-week high. At the same time, trade uncertainty is also triggering some safe-haven demand.
2 At the same time, investors are also preparing for the Federal Reserve meeting next week. Although the Fed is expected to keep interest rates unchanged, the market expects that the Fed may cut interest rates in October. Gold is traditionally seen as a hedge tool in uncertain times and tends to perform well in a low-interest rate environment.
Views on today's gold trend!
After two consecutive days of rising this week, the sentiment of gold bulls has basically been ignited. There has been basically no obvious retracement in the past few days. Either it is a slow rise in a row, or it is a direct acceleration of the rise after sideways fluctuations. After the first wave of highs at the opening today, the market is still at a rising node!
The watershed of the retracement on the hourly chart is still the break point of 3403, but it is too far from our current position to enter the market at this position. In addition, the current continuous rise of gold and the turning of the moving average have made the market bulls more aggressive, which means that the previous short-term downward trend has ended. The point of today's retracement layout can focus on the vicinity of 3412!
Gold: Long near 3411, defend below 3403, and target 3440-50!
Trade active
Gold rose as expected, which was within my expectationsTrade closed: target reached
Today we have once again perfectly reached our goal, and we hope everyone will continue to pay attention
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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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.
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.