Market news:
In early Asian trading on Monday (June 16), London gold prices continued to rise last week, hitting a nearly seven-week high of $3,451/ounce, as Israel and Iran launched a new round of attacks on each other on Sunday (June 15), exacerbating market concerns that escalating wars may trigger wider regional conflicts, and international gold continued to receive support from safe-haven buying.The continued rise of gold during the conflict depends on whether it is in a bull market and whether the conflict is likely to escalate. The inflow of funds into gold stock ETFs shows an increase in retail interest, especially silver outperforming spot gold, suggesting that market sentiment is turning. In addition to the geopolitical situation, this week will also usher in the test of the US retail sales monthly rate (commonly known as "terror data") and the Federal Reserve's interest rate decision.This trading day also needs to pay attention to the US New York Fed Manufacturing Index in June and the G7 Leaders' Summit, and pay attention to China's May total retail sales of consumer goods and China's May industrial added value annual rate.
Technical Review:
The technical price of gold is in good condition with the buying structure of the trend. The MA10/7/5-day moving averages on the daily chart remain open upward, the RSI indicator is hooked upward, and the price is running in the upper and middle track of the Bollinger Bands. The moving average system of the short-term four-hour chart maintains a golden cross opening upward, the price gradually moves up from the high point of the MA10-day moving average, and the Bollinger Bands remain open upward in the same hourly chart. Affected by the market fundamentals, gold has triggered risk aversion.The price of gold continues to rise, and the graphics of various time periods have formed obvious and strong support. In the daily chart, gold fell back to the trend line support after the triangle convergence breakthrough, and ushered in a rising trend again. In the short term, the upward momentum of gold is still strong. Based on the last round of retracement low of $3120 as the starting point of the wave structure, the push of the third wave may cause the price of gold to rise to $3600-3640. Combined with the current fundamentals, news and geopolitical situation, the medium- and long-term upward trend of gold is far from over.
Today’s analysis:
At present, the entire market is still affected by the geopolitical risks in the Middle East. Gold has been at a high level for a long time. If there is no turning point, the gold price will continue to remain above 3400 today. We will have the opportunity to see the gold price refresh the historical high of 3500 again today or tomorrow, and the probability is also very high. Then our operation idea is to buy to the end before the trend changes!
The trend of the gold one-hour market is still strong. From the short-term trend, it continues to maintain a high-level shock pattern, and the low point continues to rise. The high point has been continuously broken. Although the high opening and high movement of the Asian market failed to be directly continued, the high and fall back just gave us the opportunity to buy in!
Operation ideas:
Buy short-term gold at 3420-3423, stop loss at 3411, target at 3450-3470;
Sell short-term gold at 3468-3471, stop loss at 3480, target at 3420-3400;
Key points:
First support level: 3423, second support level: 3410, third support level: 3392
First resistance level: 3458, second resistance level: 3467, third resistance level: 3483
In early Asian trading on Monday (June 16), London gold prices continued to rise last week, hitting a nearly seven-week high of $3,451/ounce, as Israel and Iran launched a new round of attacks on each other on Sunday (June 15), exacerbating market concerns that escalating wars may trigger wider regional conflicts, and international gold continued to receive support from safe-haven buying.The continued rise of gold during the conflict depends on whether it is in a bull market and whether the conflict is likely to escalate. The inflow of funds into gold stock ETFs shows an increase in retail interest, especially silver outperforming spot gold, suggesting that market sentiment is turning. In addition to the geopolitical situation, this week will also usher in the test of the US retail sales monthly rate (commonly known as "terror data") and the Federal Reserve's interest rate decision.This trading day also needs to pay attention to the US New York Fed Manufacturing Index in June and the G7 Leaders' Summit, and pay attention to China's May total retail sales of consumer goods and China's May industrial added value annual rate.
Technical Review:
The technical price of gold is in good condition with the buying structure of the trend. The MA10/7/5-day moving averages on the daily chart remain open upward, the RSI indicator is hooked upward, and the price is running in the upper and middle track of the Bollinger Bands. The moving average system of the short-term four-hour chart maintains a golden cross opening upward, the price gradually moves up from the high point of the MA10-day moving average, and the Bollinger Bands remain open upward in the same hourly chart. Affected by the market fundamentals, gold has triggered risk aversion.The price of gold continues to rise, and the graphics of various time periods have formed obvious and strong support. In the daily chart, gold fell back to the trend line support after the triangle convergence breakthrough, and ushered in a rising trend again. In the short term, the upward momentum of gold is still strong. Based on the last round of retracement low of $3120 as the starting point of the wave structure, the push of the third wave may cause the price of gold to rise to $3600-3640. Combined with the current fundamentals, news and geopolitical situation, the medium- and long-term upward trend of gold is far from over.
Today’s analysis:
At present, the entire market is still affected by the geopolitical risks in the Middle East. Gold has been at a high level for a long time. If there is no turning point, the gold price will continue to remain above 3400 today. We will have the opportunity to see the gold price refresh the historical high of 3500 again today or tomorrow, and the probability is also very high. Then our operation idea is to buy to the end before the trend changes!
The trend of the gold one-hour market is still strong. From the short-term trend, it continues to maintain a high-level shock pattern, and the low point continues to rise. The high point has been continuously broken. Although the high opening and high movement of the Asian market failed to be directly continued, the high and fall back just gave us the opportunity to buy in!
Operation ideas:
Buy short-term gold at 3420-3423, stop loss at 3411, target at 3450-3470;
Sell short-term gold at 3468-3471, stop loss at 3480, target at 3420-3400;
Key points:
First support level: 3423, second support level: 3410, third support level: 3392
First resistance level: 3458, second resistance level: 3467, third resistance level: 3483
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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.