7/7 spot gold price analysis
Fundamental Analysis:
As the US dollar strengthened, spot gold price fell back and closed at around 1797 in late trading. The intraday peak hit 1815.05, the highest level since 17 June. Investors paid attention to the minutes of the Fed’s latest policy meeting to judge interest rate trends. Some analysts said that in the past few days, we have seen that central banks in various countries are trying to dispel the idea of prematurely raising interest rates. Investors recognize that monetary policy will remain at a very easing level from historical aspects, which is one of the reasons for the decline in US bond yields, which will help gold price stabilize after the sharp decline in June.
Technical Analysis:
Spot gold closed with a shooting star on the daily level, it fell sharply after encountering obstacles. Yesterday the price peaked to around 1815 but was finally blocked by the dual pressure of the middle track of Bollinger band and the Fibonacci 38.2% level. Gold price closed at 1797. From the daily chart, Bollinger band turns downwards, MACD downward momentum gradually decreases, and RSI is approaching 50 level. The 4-hour Bollinger band is moving upwards, MACD upward momentum weakens, and there is a trend of top divergence.
Today’s strategy:
Short position 1805, take profit 1790, 1785, stop loss 1820
As the US dollar strengthened, spot gold price fell back and closed at around 1797 in late trading. The intraday peak hit 1815.05, the highest level since 17 June. Investors paid attention to the minutes of the Fed’s latest policy meeting to judge interest rate trends. Some analysts said that in the past few days, we have seen that central banks in various countries are trying to dispel the idea of prematurely raising interest rates. Investors recognize that monetary policy will remain at a very easing level from historical aspects, which is one of the reasons for the decline in US bond yields, which will help gold price stabilize after the sharp decline in June.
Technical Analysis:
Spot gold closed with a shooting star on the daily level, it fell sharply after encountering obstacles. Yesterday the price peaked to around 1815 but was finally blocked by the dual pressure of the middle track of Bollinger band and the Fibonacci 38.2% level. Gold price closed at 1797. From the daily chart, Bollinger band turns downwards, MACD downward momentum gradually decreases, and RSI is approaching 50 level. The 4-hour Bollinger band is moving upwards, MACD upward momentum weakens, and there is a trend of top divergence.
Today’s strategy:
Short position 1805, take profit 1790, 1785, stop loss 1820
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.