Analysis of gold prices on June 11
📌Gold news
🎈Economic data and policy expectations
U.S. employment data; initial jobless claims increased for two consecutive weeks, and the market focus shifted to the non-farm payroll report released this week. The data performance will affect the Fed's policy path.
Trump pressures interest rate cuts: Trump recently called on the Fed to cut interest rates by "one percentage point" again, and hinted that he would consider replacing the Fed chairman, exacerbating market expectations for loose monetary policy.
🎈Long-term support factors
Despite short-term fluctuations, global economic and geopolitical uncertainties (such as repeated trade frictions and debt risks) still provide long-term safe-haven demand for gold, especially in the context of the divergence of monetary policies between European and American central banks, the allocation value of gold is highlighted.
📊Technical analysis
Before the European session, the gold price showed a continuous positive trend. I gave a hint in my analysis that I was not in a hurry to guess the top, and followed the trend to rise to around 3340 and wait for the turning point to appear. The opening trend of the European session tended to fluctuate until it rose to around 3348 in the evening and then turned from rising to falling, but the decline was not strong. It rose again at the position of the European session. Now the gold price is trading around 3350. From the market point of view, this wave of rise was supported by the trend line at 3300. Whether it was geopolitical conflicts or various news about Sino-US trade negotiations that stimulated buying to drive gold prices up, the second rise in the US session has exceeded 3340.
The next key suppression level is around 3360, which is 618 from 3403 to 3300, which can be treated as a turning point. The initial support below focuses on the high point of yesterday's Asian session at 3338.
💰Strategy Package
Waiting for gold: short at 3355-3360, stop loss at 3365, target at 3340-3328!
⭐️ Note: Labaron hopes that traders can properly manage their funds
- Choose the number of lots that matches your funds
