Information Summary:
Trump's upcoming appointment of Federal Reserve officials has the market on the sidelines, leading to a pullback in gold prices, but bullish sentiment remains.
Quaid believes that most investors are closely watching the White House's upcoming Federal Reserve appointments and any trade-related news, which could have a significant impact on market sentiment.
Furthermore, market expectations for a September rate cut are high. After last week's weak jobs report, investors are pricing in an 87% chance of a September rate cut, according to the CME FedWatch tool. Following the release of the report, Trump fired the director of the Bureau of Labor Statistics, further exacerbating policy uncertainty.
As a traditional safe-haven asset, gold generally performs better in environments with increased political and economic uncertainty and low interest rates.
Market Analysis:
Gold prices retreated slightly on Wednesday, but Quaid believes there is still room for further gains, with a short-term target of 3,400. Supporting factors include: continued tariff friction; slowing economic growth and inflation concerns; and a weak US dollar.
Looking at the hourly chart, the Fibonacci 0.382 position is right around 3380. Moreover, the top of the trend line of gold's bottoming rebound is also at this position, so if the pressure of 3380 cannot be broken through, we need to be alert to the possibility of a pullback.
Next, keep an eye on 3360. If gold can't break through 3380, it may consolidate between 3360 and 3380.
If bears continue to push down the price below 3360, a test of 3340 is possible.
Trump's upcoming appointment of Federal Reserve officials has the market on the sidelines, leading to a pullback in gold prices, but bullish sentiment remains.
Quaid believes that most investors are closely watching the White House's upcoming Federal Reserve appointments and any trade-related news, which could have a significant impact on market sentiment.
Furthermore, market expectations for a September rate cut are high. After last week's weak jobs report, investors are pricing in an 87% chance of a September rate cut, according to the CME FedWatch tool. Following the release of the report, Trump fired the director of the Bureau of Labor Statistics, further exacerbating policy uncertainty.
As a traditional safe-haven asset, gold generally performs better in environments with increased political and economic uncertainty and low interest rates.
Market Analysis:
Gold prices retreated slightly on Wednesday, but Quaid believes there is still room for further gains, with a short-term target of 3,400. Supporting factors include: continued tariff friction; slowing economic growth and inflation concerns; and a weak US dollar.
Looking at the hourly chart, the Fibonacci 0.382 position is right around 3380. Moreover, the top of the trend line of gold's bottoming rebound is also at this position, so if the pressure of 3380 cannot be broken through, we need to be alert to the possibility of a pullback.
Next, keep an eye on 3360. If gold can't break through 3380, it may consolidate between 3360 and 3380.
If bears continue to push down the price below 3360, a test of 3340 is possible.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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.