Dear traders, the sell-off last night directly brought the bulls back to their original form. The closing price of 3325 made most of the gains accumulated hard this week spit back. To me, this wave of market is a typical "data killing". The June non-agricultural data came out halfway, and the employment data was so strong that even the old foxes on Wall Street were surprised. Now the market's bet on the September rate cut has dropped directly from 70% to less than 50%. How can gold, which is "interest rate sensitive", withstand such a critical blow?
From a technical perspective, the negative line of the daily line is indeed ugly, but I think the bulls should not die. Look at the 4-hour chart. The Bollinger Bands have begun to "tighten their belts", and the 3310-3365 box is clearly drawn. Today is Independence Day. The US market closed early. Those Wall Street wolves probably ran to the Hamptons for a pool party. We are likely to play a "lying flat" market in the Asian and European markets. I calculated with my fingers that the 40 USD range of 3310-3350 is enough for us to toss around. Remember - short orders at the upper edge of 3345 should be as fast, accurate and ruthless as "whack-a-mole", and long orders at the lower edge of 3325 should be as patient as a fisherman!
The news is now "ice and fire". On the one hand, Trump's "big and beautiful" tax cut bill has just passed the test successfully. After this shot of booster, the US dollar and US bond yields are soaring like stimulants; on the other hand, drones in the Middle East are causing trouble again, and the small flame of geopolitical risk has not been extinguished. If you ask me, gold is like a "schizophrenic patient" now, jumping back and forth between inflation narratives and risk aversion sentiment.
Specific strategy:
① Directly "operate from a height" near the rebound of 3345, set the stop loss at 3352, and the target position is the 3330-3320 range. Remember that this position is the "previous high neckline position" and the probability of breaking is not high.
② You can "lighten your position and fish" when it falls back to 3325. The defensive position of 3315 must be strictly guarded, and the target position is the pressure zone of 3335-3345
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Free Signals：t.me/+WwrJpK6G_U9iM2Qx
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.