Recently, the gold market is mixed with long and short factors. Yesterday, Trump announced that Iran and Israel reached a comprehensive truce agreement, which led to a sharp drop in the market's risk aversion demand, and gold fell under pressure in the short term; but Reuters reported that Israel still had small-scale military operations, and the Houthi armed forces in Yemen announced that they would continue to carry out military operations against Israel. The market is skeptical about the sustainability of the easing of the situation in the Middle East, which limits the downward space of gold.
In terms of economic data, the US S&P Global Manufacturing PMI in June remained flat at 52, the Service PMI slightly dropped to 53.1, and the Composite PMI fell back to 52.8, indicating that the momentum of economic expansion has weakened marginally. At the monetary policy level, Federal Reserve officials released dovish signals: Director Bowman emphasized labor market risks and supported interest rate cuts within the year, which echoed Director Waller's expectations of a July interest rate cut. As a result, the US dollar weakened, supporting gold prices.
From a technical point of view, the daily level closed with a large negative line to form an obvious retracement, and the hourly chart showed a dark cloud cover reversal pattern, and the current bearish trend dominated. The current MACD indicator double line shows signs of a second death cross, indicating that the price may further fall. The market shows that the decline has not stopped, and the low point of the 1-hour chart continues to move down, and the downside risk still exists. The operation suggestion is to short on the rebound. The key suppression level above is the 3350-3360 area, and the support level below is 3310-3300. If it falls below this support, it may further test the 3290-3280 US dollar range.
Today's operation suggestion is to sell near the rebound of 3340-3347, with a target of 3320-3310!
In terms of economic data, the US S&P Global Manufacturing PMI in June remained flat at 52, the Service PMI slightly dropped to 53.1, and the Composite PMI fell back to 52.8, indicating that the momentum of economic expansion has weakened marginally. At the monetary policy level, Federal Reserve officials released dovish signals: Director Bowman emphasized labor market risks and supported interest rate cuts within the year, which echoed Director Waller's expectations of a July interest rate cut. As a result, the US dollar weakened, supporting gold prices.
From a technical point of view, the daily level closed with a large negative line to form an obvious retracement, and the hourly chart showed a dark cloud cover reversal pattern, and the current bearish trend dominated. The current MACD indicator double line shows signs of a second death cross, indicating that the price may further fall. The market shows that the decline has not stopped, and the low point of the 1-hour chart continues to move down, and the downside risk still exists. The operation suggestion is to short on the rebound. The key suppression level above is the 3350-3360 area, and the support level below is 3310-3300. If it falls below this support, it may further test the 3290-3280 US dollar range.
Today's operation suggestion is to sell near the rebound of 3340-3347, with a target of 3320-3310!
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The rise of Bitcoin and the fall of gold and crude oil were all within my predictions.I have told every friend in advance that my predictions are almost 100% accurate today.
Congratulations to all the traders who have made a profit.
𝐖𝐞𝐥𝐜𝐨𝐦𝐞 𝐓𝐨 𝐉𝐨𝐢𝐧 𝐆𝐨𝐥𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐂𝐥𝐮𝐛
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✅𝐃𝐚𝐢𝐥𝐲 𝟐-𝟒 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐢𝐠𝐧𝐚𝐥𝐬🔥
✅𝐇𝐢𝐠𝐡 𝐀𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝟗𝟓% 🔥
✅𝐖𝐞𝐞𝐤𝐥𝐲 𝐲𝐢𝐞𝐥𝐝 𝟗𝟎%-𝟗𝟓% 🔥
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✅𝐃𝐚𝐢𝐥𝐲 𝟐-𝟒 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐢𝐠𝐧𝐚𝐥𝐬🔥
✅𝐇𝐢𝐠𝐡 𝐀𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝟗𝟓% 🔥
✅𝐖𝐞𝐞𝐤𝐥𝐲 𝐲𝐢𝐞𝐥𝐝 𝟗𝟎%-𝟗𝟓% 🔥
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𝐖𝐞𝐥𝐜𝐨𝐦𝐞 𝐓𝐨 𝐉𝐨𝐢𝐧 𝐆𝐨𝐥𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐂𝐥𝐮𝐛
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✅𝐃𝐚𝐢𝐥𝐲 𝟐-𝟒 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐢𝐠𝐧𝐚𝐥𝐬🔥
✅𝐇𝐢𝐠𝐡 𝐀𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝟗𝟓% 🔥
✅𝐖𝐞𝐞𝐤𝐥𝐲 𝐲𝐢𝐞𝐥𝐝 𝟗𝟎%-𝟗𝟓% 🔥
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✅𝐃𝐚𝐢𝐥𝐲 𝟐-𝟒 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐢𝐠𝐧𝐚𝐥𝐬🔥
✅𝐇𝐢𝐠𝐡 𝐀𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝟗𝟓% 🔥
✅𝐖𝐞𝐞𝐤𝐥𝐲 𝐲𝐢𝐞𝐥𝐝 𝟗𝟎%-𝟗𝟓% 🔥
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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.