During Monday's U.S. trading session, spot gold demonstrated certain resilience, reflecting the complex game between market risk aversion and risk appetite. This week, it will welcome the impact of the U.S. non-farm payroll report. At the beginning of Monday (June 30) trading, spot gold once fell 0.8% to $3,247.87 per ounce, a new low since May 29. However, geopolitical concerns still attracted bargain hunting to support gold prices, which have now rebounded to around $3,267.30 per ounce, as Trump said he would consider bombing Iran again and abandon the plan to lift sanctions. U.S. President Trump stated that the July 9 trade negotiation deadline is not fixed and hinted that it may be advanced or postponed. This statement injected more uncertainty into the market. Although U.S. Treasury Secretary Mnuchin optimistically stated that the Trump administration is expected to reach agreements with multiple major trading partners before Labor Day on September 1, the uncertainty of the negotiations may still provide some support for gold prices. The progress of trade negotiations will become one of the important variables affecting gold prices in the coming weeks.
In the 1-hour chart, the moving averages of gold continue to form a bearish alignment with a death cross, and there is a possibility of further downward divergence. The bearish momentum in gold remains extremely strong. After breaking below the previous low of 3,295, gold failed to stage a meaningful rebound and has been in a weak, range-bound decline under pressure. Therefore, the level of 3,295 remains a key inflection point for gold's short-term bull-bear dynamics. In the early session, with gold pressured below 3,295, shorting on rallies is recommended.
Trading Strategy:
sell@3300-3295
TP:3255-3260
In the 1-hour chart, the moving averages of gold continue to form a bearish alignment with a death cross, and there is a possibility of further downward divergence. The bearish momentum in gold remains extremely strong. After breaking below the previous low of 3,295, gold failed to stage a meaningful rebound and has been in a weak, range-bound decline under pressure. Therefore, the level of 3,295 remains a key inflection point for gold's short-term bull-bear dynamics. In the early session, with gold pressured below 3,295, shorting on rallies is recommended.
Trading Strategy:
sell@3300-3295
TP:3255-3260
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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.