Analysis of technical prospects for gold prices!Market news:
In the early Asian session on Monday (July 28), spot gold bottomed out and rebounded. At the beginning of the session, it continued the decline of last Friday to around 3320. As the United States and Europe reached a trade agreement, the international demand for gold hedging further declined. However, the price of gold was supported by bargain hunting and quickly recovered most of the decline. It is currently trading around 3337 US dollars per ounce. As the global reserve currency, the trend of the US dollar is crucial to the price of gold. Last week, the US dollar index rebounded from a low of more than two weeks, significantly pushing up the cost of gold for overseas buyers. The progress of US-EU trade negotiations has become another major driver of the recent decline in London gold prices. Although the demand for hedging has been suppressed in the short term, geopolitical uncertainty still provides long-term support for gold. At the same time, the trend of global central banks buying gold provides a solid bottom support for gold.Looking ahead to this week, the economic calendar will provide several high-impact data releases. The Federal Reserve will announce its monetary policy decision after the policy meeting on July 29-30. On Friday, the US Bureau of Labor Statistics will release the July employment report. If the number of non-farm payrolls (NFP) increases by more than 100,000, it may indicate that the labor market is in good enough condition that the Fed can prioritize controlling inflation and supporting the dollar when making policies. If the new non-farm payrolls data reaches or falls below 70,000, the dollar may find it difficult to find demand before the end of next week and help gold gain bullish momentum.
Technical analysis:
Technically, the gold daily chart forms a continuous negative structure, and the New York closing price re-loses the key support of the MA10-day moving average at 3360 and the middle track of the Bollinger Band. The RSI indicator breaks through the middle axis and runs in a short-term ... Pay attention to the rebound repair after selling low opening at the beginning of the gold week. The main idea is to sell at a high price and buy at a low price as an auxiliary.
Today's analysis:
Gold rebounded after opening low in the Asian session. Gold continued to refresh the low point. Then gold was obviously still in a selling trend. Since gold is still in a selling trend, it will continue to sell to the end. Gold rebounded in the Asian session and continued to sell. Gold continued to sell under pressure in the Asian session. Gold waited patiently for 3350 to continue selling in the Asian session. Gold's 1-hour moving average continued to cross downward and arranged for selling. There was basically no obvious rebound in this round of gold's decline. Then gold was likely to continue the short selling trend after the rebound correction. The wave structure of gold's current decline remained intact. Gold continued to sell under pressure near the last low of 3350.
Operation ideas:
Buy short-term gold at 3309-3312, stop loss at 3300, target at 3340-3360;
Sell short-term gold at 3350-3353, stop loss at 3362, target at 3320-3300;
Key points:
First support level: 3320, second support level: 3306, third support level: 3292
First resistance level: 3346, second resistance level: 3358, third resistance level: 3467
