After rebounding for two consecutive days, gold prices consolidated in a narrow range in the Asian market on Wednesday, hovering below a one-week high. Although the US dollar rebounded slightly and the market's improved risk appetite suppressed safe-haven demand, the Fed's interest rate cut expectations and trade uncertainties limited the downside of gold prices. The market is waiting for the upcoming ADP and non-farm data to determine the timing of the Fed's interest rate cut. The key technical resistance is $3,358.
Gold received a positive cross in June. At present, the monthly line has an upper shadow for three consecutive trading months, and the shadow is long, indicating that the upper selling pressure is relatively large; in this way, for the future market, we are more optimistic about the highs and falls. In the recent stage, gold is not interested in US data, but Trump frequently calls for the Fed to cut interest rates, which we still need to pay attention to. The sharp rise in gold in the past two days is not unrelated to the Fed's expectation of a rate cut. On the other hand, it is also related to the market rumor that the US President Trump's tariff deadline on July 9 is also related. If the US dollar index bottoms out and rebounds, ushering in a phased upward trend; then, it is bound to suppress gold.
Short-term resistance is yesterday's high point 3350-3360 area. If it breaks above, it is expected to hit 3375-80, and further 3400 mark; before breaking above 3400 area, there is still a large sweep range. If it goes up, the bulls will have a wave of acceleration, and the upper 3425 and 3450 may even hit the historical high. For the day, the 5-day moving average 3315 area will form a strong support after breaking through. If it rebounds and rushes higher, it cannot break below. Once it breaks below, the market will continue to fall, further 3300~3295, and then 3275 and 3255~45 areas; that is, the rise on Monday and Tuesday means the end of the bulls. Therefore, in terms of operation, the short-term relies on the 3315-3325 area to support low longs, and if it rises, it will continue to short with reference to the resistance area.
Gold received a positive cross in June. At present, the monthly line has an upper shadow for three consecutive trading months, and the shadow is long, indicating that the upper selling pressure is relatively large; in this way, for the future market, we are more optimistic about the highs and falls. In the recent stage, gold is not interested in US data, but Trump frequently calls for the Fed to cut interest rates, which we still need to pay attention to. The sharp rise in gold in the past two days is not unrelated to the Fed's expectation of a rate cut. On the other hand, it is also related to the market rumor that the US President Trump's tariff deadline on July 9 is also related. If the US dollar index bottoms out and rebounds, ushering in a phased upward trend; then, it is bound to suppress gold.
Short-term resistance is yesterday's high point 3350-3360 area. If it breaks above, it is expected to hit 3375-80, and further 3400 mark; before breaking above 3400 area, there is still a large sweep range. If it goes up, the bulls will have a wave of acceleration, and the upper 3425 and 3450 may even hit the historical high. For the day, the 5-day moving average 3315 area will form a strong support after breaking through. If it rebounds and rushes higher, it cannot break below. Once it breaks below, the market will continue to fall, further 3300~3295, and then 3275 and 3255~45 areas; that is, the rise on Monday and Tuesday means the end of the bulls. Therefore, in terms of operation, the short-term relies on the 3315-3325 area to support low longs, and if it rises, it will continue to short with reference to the resistance area.
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The long orders arranged at 3330-3331 for gold have successfully reached the profit target of 3343! Congratulations to the brothers for making profits again as planned. The long positions have been successfully closed with profits as planned, and the short-term goals have been achieved as scheduled. The current strategy remains unchanged, and attention is paid to the upper resistance area. After the rebound is in place, short orders will be arranged in line with the trend, trade in line with the trend, execute steadily, control the rhythm, and patiently wait for the best entry time. Looking at the market outlook, the market will continue to fluctuate before the ADP data, and the room for further growth will be seen after the adjustment.
I will go all out for every cooperating friend. Once I trust you, I will speak with results. I don't promise huge profits, but steady profits. Many people have done it, and you can do it too.Free Witness Telegram https://Grouphttps://t.me/TP_Daniel1
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I will go all out for every cooperating friend. Once I trust you, I will speak with results. I don't promise huge profits, but steady profits. Many people have done it, and you can do it too.Free Witness Telegram https://Grouphttps://t.me/TP_Daniel1
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.