In Asian trading on Wednesday, traders are awaiting the release of the latest U.S. Consumer Price Index (CPI) data for May. Estimates suggest that prices are likely to rise as American households feel the impact of tariffs imposed by the Trump administration. But the easing between the world's two largest economies should have an adverse impact on safe-haven assets such as gold, and the lack of a downward trend in gold prices suggests that investors are waiting for more developments.
In terms of short-term trends, the gold 1-hour chart shows that gold prices remain in an upward channel with a low point. So from the trend, the current momentum for gold to rise will be stronger. The price pullback is giving opportunities to go long.
The change of thinking is actually following the trend. For the current operation, enter the market with the trend, and cover the position when it falls back or break through the profit position to cover the position. In a strong market, during the correction phase, the price is rising, and the amplitude of the correction is often small. The bulls retreated at the opening to accumulate momentum. Above is the pressure level of 3350-3360. Once it breaks through and stabilizes, it will accelerate the upward trend. Just follow the general trend of the market.
Operation strategy:
Go long when the price falls back to 3310-3320, stop loss at 3300, and profit range is 3345-3360.
In terms of short-term trends, the gold 1-hour chart shows that gold prices remain in an upward channel with a low point. So from the trend, the current momentum for gold to rise will be stronger. The price pullback is giving opportunities to go long.
The change of thinking is actually following the trend. For the current operation, enter the market with the trend, and cover the position when it falls back or break through the profit position to cover the position. In a strong market, during the correction phase, the price is rising, and the amplitude of the correction is often small. The bulls retreated at the opening to accumulate momentum. Above is the pressure level of 3350-3360. Once it breaks through and stabilizes, it will accelerate the upward trend. Just follow the general trend of the market.
Operation strategy:
Go long when the price falls back to 3310-3320, stop loss at 3300, and profit range is 3345-3360.
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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.
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.