Today's gold is waiting for low prices to go long
Gold price dynamics
International gold price: Today's spot gold fluctuated and weakened, once falling below $3,350/ounce, and the lowest hit $3,332.95, mainly affected by the ceasefire agreement in the Middle East.
Reasons for fluctuations: In the early trading, due to Iran's attack on the US military base, the gold price once soared to $3,398, but quickly fell back after Trump announced the ceasefire between Israel and Iran.
At present, the gold price fluctuates greatly, and the market has repeatedly washed the market.
Both the long and short sides have repeatedly washed the market, causing a huge impact on the market trading ecology. I believe that many people will encounter this unprovoked disaster again on Monday.
However, Iran's foreign minister subsequently denied the official ceasefire, and the situation remains unclear.
If the ceasefire agreement fails to be implemented, the gold price may rebound quickly to $3,400-3,450.
It seems that all choices of the direction of the war are left to traders like me.
Let's take a look at the interest rate cut situation:
Fed Vice Chairman Bowman made dovish remarks, saying that if inflation is mild, interest rates may be cut in July, and the US dollar index fell as a result.
The market currently expects a 23% chance of a rate cut in July and an 80% chance of a rate cut in September.
Fed Chairman Powell's testimony to Congress today is crucial, and if he sends a dovish signal, it may boost gold prices.
Remember the time: today
Technical analysis:
Technical analysis:
Support: $3300-3320 (200-day moving average).
Resistance: $3400-3450 (recent high).
Short-term (1-3 days):
If Powell's testimony is dovish, gold prices may rebound to $3380-3400.
If the ceasefire in the Middle East goes well, gold prices may fall to $3300.
My view:
Continue to go long at lows: 3330-3345 range layout
Final stop loss area: around 3315
Target: above 3400
Gold price dynamics
International gold price: Today's spot gold fluctuated and weakened, once falling below $3,350/ounce, and the lowest hit $3,332.95, mainly affected by the ceasefire agreement in the Middle East.
Reasons for fluctuations: In the early trading, due to Iran's attack on the US military base, the gold price once soared to $3,398, but quickly fell back after Trump announced the ceasefire between Israel and Iran.
At present, the gold price fluctuates greatly, and the market has repeatedly washed the market.
Both the long and short sides have repeatedly washed the market, causing a huge impact on the market trading ecology. I believe that many people will encounter this unprovoked disaster again on Monday.
However, Iran's foreign minister subsequently denied the official ceasefire, and the situation remains unclear.
If the ceasefire agreement fails to be implemented, the gold price may rebound quickly to $3,400-3,450.
It seems that all choices of the direction of the war are left to traders like me.
Let's take a look at the interest rate cut situation:
Fed Vice Chairman Bowman made dovish remarks, saying that if inflation is mild, interest rates may be cut in July, and the US dollar index fell as a result.
The market currently expects a 23% chance of a rate cut in July and an 80% chance of a rate cut in September.
Fed Chairman Powell's testimony to Congress today is crucial, and if he sends a dovish signal, it may boost gold prices.
Remember the time: today
Technical analysis:
Technical analysis:
Support: $3300-3320 (200-day moving average).
Resistance: $3400-3450 (recent high).
Short-term (1-3 days):
If Powell's testimony is dovish, gold prices may rebound to $3380-3400.
If the ceasefire in the Middle East goes well, gold prices may fall to $3300.
My view:
Continue to go long at lows: 3330-3345 range layout
Final stop loss area: around 3315
Target: above 3400
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.
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.