https://www.tradingview.com/x/TocPnmS7/
💡Message Strategy
The U.S. International Trade Court ruled that Trump's tariffs exceeded his authority. Once the ruling was made, market risk appetite quickly rebounded, driving global risk assets up and safe-haven assets such as gold came under selling pressure. The price of gold fell to $3,245 during the Asian trading session, hitting a 10-day low.
In addition to the weakening of risk aversion, the minutes of the Federal Reserve's May meeting reinforced the market's expectation that it would "maintain interest rates unchanged for a long time". In addition, the generally strong US economic data released this week caused the US dollar index (DXY) to return to the 100 mark, which put continued pressure on gold, a non-interest-bearing asset.
📊Technical aspects
Technically, gold price fell below the short-term rising trend line and the 200-period moving average of the 4-hour chart, and the short-term trend turned bearish. If it falls below the key support of $3,245 (50% Fibonacci retracement level), it may further point to $3,215 (61% retracement) or even $3,200 and $3,180. The upper rebound resistance is located at $3,300, $3,325 and $3,350 respectively.
From the daily chart, gold (XAU/USD) closed negative for the fourth consecutive day. The price has effectively fallen below the lower track of the short-term rising channel and continued to run below the 10-day and 15-day moving averages, indicating that the short-term momentum has weakened. The MACD fast and slow lines have a dead cross, and the green column is enlarged, further confirming the short signal.
Currently, the vicinity of $3245 is the support of the previous shock range. Once it is lost, the 61.8% Fibonacci retracement level of $3215 will be tested below, and even approach the psychological integer level of $3200.
If the gold price is supported in this area, it is expected to build a staged bottom; on the contrary, if it falls below $3200, it will look down to the $3150-3110 area. The short-term rebound needs to pay attention to the pressure level near $3300, which is also the dense intersection area of the previous moving averages. The overall structure suggests that the shorts are dominant.
💰 Strategy Package
Short Position：3310-3320,3340-3350
💡Message Strategy
The U.S. International Trade Court ruled that Trump's tariffs exceeded his authority. Once the ruling was made, market risk appetite quickly rebounded, driving global risk assets up and safe-haven assets such as gold came under selling pressure. The price of gold fell to $3,245 during the Asian trading session, hitting a 10-day low.
In addition to the weakening of risk aversion, the minutes of the Federal Reserve's May meeting reinforced the market's expectation that it would "maintain interest rates unchanged for a long time". In addition, the generally strong US economic data released this week caused the US dollar index (DXY) to return to the 100 mark, which put continued pressure on gold, a non-interest-bearing asset.
📊Technical aspects
Technically, gold price fell below the short-term rising trend line and the 200-period moving average of the 4-hour chart, and the short-term trend turned bearish. If it falls below the key support of $3,245 (50% Fibonacci retracement level), it may further point to $3,215 (61% retracement) or even $3,200 and $3,180. The upper rebound resistance is located at $3,300, $3,325 and $3,350 respectively.
From the daily chart, gold (XAU/USD) closed negative for the fourth consecutive day. The price has effectively fallen below the lower track of the short-term rising channel and continued to run below the 10-day and 15-day moving averages, indicating that the short-term momentum has weakened. The MACD fast and slow lines have a dead cross, and the green column is enlarged, further confirming the short signal.
Currently, the vicinity of $3245 is the support of the previous shock range. Once it is lost, the 61.8% Fibonacci retracement level of $3215 will be tested below, and even approach the psychological integer level of $3200.
If the gold price is supported in this area, it is expected to build a staged bottom; on the contrary, if it falls below $3200, it will look down to the $3150-3110 area. The short-term rebound needs to pay attention to the pressure level near $3300, which is also the dense intersection area of the previous moving averages. The overall structure suggests that the shorts are dominant.
💰 Strategy Package
Short Position：3310-3320,3340-3350
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
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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.
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
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.