Spot gold fluctuated and fell, hitting a low of $3,305/ounce, and is currently trading around 3,315. Although the price of gold rebounded from the low of 3,268 on Monday (closing at 3,343.91), the 5/10-day moving average formed a dead cross, suggesting that there is still a downside risk in the short term, or further testing the support of the daily middle track of 3,220.
The 4-hour level shows that the price of gold has stopped falling and rebounded above 3,260 many times, and is now back above the middle track. The short-term weak pattern has eased, and it may maintain a range of 3,260-3,360 before the release of non-agricultural data.
Operation strategy:
Short order: Conservatives wait for shorting in the 3,355-3,360 area, stop loss 3,365, target 3,260.
Long order: Pay attention to the 3,260 and 3,220 support levels to arrange long orders in batches, stop loss 5 US dollars, target 3,360.
Key driving factors:
Dollar trend: The dollar fell on Monday to support gold prices, but trade policy uncertainty still suppressed market sentiment;
Technical contradictions: The daily adjustment demand and the 4-hour range breakthrough need to be confirmed, and we need to be wary of shocks before non-agricultural data;
Data risks: This week's US economic data (especially non-agricultural data) may affect the Fed's policy expectations, and thus affect the direction of gold prices.
Conclusion: Maintain range operations in the short term, and follow up after the break.
The 4-hour level shows that the price of gold has stopped falling and rebounded above 3,260 many times, and is now back above the middle track. The short-term weak pattern has eased, and it may maintain a range of 3,260-3,360 before the release of non-agricultural data.
Operation strategy:
Short order: Conservatives wait for shorting in the 3,355-3,360 area, stop loss 3,365, target 3,260.
Long order: Pay attention to the 3,260 and 3,220 support levels to arrange long orders in batches, stop loss 5 US dollars, target 3,360.
Key driving factors:
Dollar trend: The dollar fell on Monday to support gold prices, but trade policy uncertainty still suppressed market sentiment;
Technical contradictions: The daily adjustment demand and the 4-hour range breakthrough need to be confirmed, and we need to be wary of shocks before non-agricultural data;
Data risks: This week's US economic data (especially non-agricultural data) may affect the Fed's policy expectations, and thus affect the direction of gold prices.
Conclusion: Maintain range operations in the short term, and follow up after the break.
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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.
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.