On Thursday, spot gold gradually rebounded from around a one-month low of $3,120 per ounce. Although a brief resurgence in risk aversion supported gold prices, factors such as the easing of China-U.S. trade tensions, reduced market expectations for Federal Reserve rate cuts, and the rise in U.S. Treasury yields continued to suppress bullish momentum. Market focus has shifted to the U.S. PPI data and Federal Reserve Chair Powell's speech in the evening, which may provide new drivers for gold to break through its current trading range. Interest rate futures show that expectations for rate cuts within the year have been significantly reduced from 100 basis points a month ago to around 50 basis points, pushing the 10-year U.S. Treasury yield to a one-month high and directly suppressing the performance of non-yielding assets like gold.
Gold showed a trend of falling first and then rising today, with a breakout to the upside, indicating strong upward momentum. However, the probability of a straight-line rally is low, and a breakout may occur after a period of consolidation and oscillation. Overall, after the full release of bearish momentum, gold is expected to experience a rebound. Today's trading strategy may consider laying out long positions on pullbacks as the primary approach, supplemented by short positions at highs. Resistance is focused on the $3,215–$3,225 area, while support lies at $3,175–$3,165.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Gold showed a trend of falling first and then rising today, with a breakout to the upside, indicating strong upward momentum. However, the probability of a straight-line rally is low, and a breakout may occur after a period of consolidation and oscillation. Overall, after the full release of bearish momentum, gold is expected to experience a rebound. Today's trading strategy may consider laying out long positions on pullbacks as the primary approach, supplemented by short positions at highs. Resistance is focused on the $3,215–$3,225 area, while support lies at $3,175–$3,165.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
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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.