Affected by the hawkish stance of the Federal Reserve and the strengthening of the US dollar, gold has been under pressure and fluctuated recently, but geopolitical risks and the news of Trump's upcoming "major trade agreement" have made market sentiment cautious. Some bulls chose to take profits in the Asian session, and the price fell from the highs, showing a long-short tug-of-war pattern on the technical side.
Technical structure analysis
Although the daily level has a top and bottom structure of long-short transformation, the price still holds steady at 3300, indicating that the medium-term trend has not weakened. The current price is running near the key neckline support, and the 3320-3300 area will become an important defense line for bulls, and the upper 3380-3400 constitutes short-term resistance. The hourly chart shows that the price fell below the lower edge of the previous trading day's oscillation box at 3370, the moving average system is arranged in a short position, and the MACD runs below the zero axis, and the short-term trend is weak. The European and American sessions need to focus on the breakthrough direction of the 3310-3365 range.
Operation strategy suggestions
Short-term trading:
If the price falls back to 3310-3315, try to buy with a light position, stop loss below 3299, target 3340-3350
Rebound to 3360-3365, short under pressure, stop loss above 3375, target 3330-3320
Trend layout:
If the price falls below 3300, short orders can be followed up to 3280-3260
If the price breaks through 3380 resistance, it is expected to restart the upward trend and test above 3400
Risk warning
Focus on the content of Trump's press conference in the evening. Any unexpected details of the trade agreement may cause drastic market fluctuations. It is recommended that traders strictly control their positions and do a good job of stop loss protection. The current market sentiment is sensitive, and the game between technical and news aspects is intensifying, so we need to remain flexible.
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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.
Free Signals：t.me/+86i8swucTrdiYWYx
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.