Gold bears revel: 3300 has been broken, is 3250 far behind?
On Friday (June 27) in the European session, gold continued to fall, 3287 was shaky, and it was only one step away from the key support of 3277. Last night, the gold price was still "fake high" near 3350, but today it was directly pressed to the floor by the bears - the break of 3320 declared the end of the rebound, and after the 3300 integer mark was lost, the market officially entered the "harvest" mode.
News: Bulls trembled before PCE data
The situation in the Middle East cooled down, safe-haven buying retreated, and gold lost a major support. And tonight's US PCE price index is the real "Judgment Day" - if the data warms up beyond expectations and the Fed's interest rate cut expectations are suppressed again, the gold price may directly break through 3277 and go straight to 3263 or even lower.
However, the market expects that the annual rate of PCE may rise slightly (bad for gold), but the monthly rate of personal expenditure is expected to fall (good for gold), which means that the market may fall first and then rise, but the rebound is a better opportunity to short! After all, once the trend is formed, any rebound is fuel for shorts.
Technical aspect: The 4-hour chart has been "broken", and the decline is not bottoming out.
Key pressure: 3300-3310 (top and bottom conversion + previous high resistance)
Support below: 3277 (short-term support), 3263 (key long defense line)
Trend prediction: Rebound is the short point, especially above 3300. As long as it does not break through 3310, any rebound is an opportunity for shorts to increase their positions.
The most disgusting thing about the falling market is that you think it is going to rebound, but it continues to fall; when you can't help but chase the short, it rebounds slightly and hits your stop loss. Therefore, the best strategy is to focus on high-altitude, not chasing the short, and wait for the rebound before entering the market.
Trading strategy: Let short profits run
Aggressive short: Try short with a light position at the current price of 3287, stop loss 3305, target 3277-3263.
Steady short: Short in batches at rebound 3300-3310, stop loss 3315, target 3280-3263.
Bottom-fishing? Be careful! You can try short-term long near 3263, but you must set a stop loss of 3258 and enter and exit quickly.
Today's focus:
If the PCE data is bearish, gold may accelerate to 3260 or even lower.
If the data is unexpectedly bullish, the rebound of 3320-3330 is still a short-selling opportunity.
Summary: The general trend of gold has turned bearish, and any rebound is a good opportunity to short!
Remember: In a downward trend, it is better to go short than to guess the bottom, let the market tell you where the bottom is!
On Friday (June 27) in the European session, gold continued to fall, 3287 was shaky, and it was only one step away from the key support of 3277. Last night, the gold price was still "fake high" near 3350, but today it was directly pressed to the floor by the bears - the break of 3320 declared the end of the rebound, and after the 3300 integer mark was lost, the market officially entered the "harvest" mode.
News: Bulls trembled before PCE data
The situation in the Middle East cooled down, safe-haven buying retreated, and gold lost a major support. And tonight's US PCE price index is the real "Judgment Day" - if the data warms up beyond expectations and the Fed's interest rate cut expectations are suppressed again, the gold price may directly break through 3277 and go straight to 3263 or even lower.
However, the market expects that the annual rate of PCE may rise slightly (bad for gold), but the monthly rate of personal expenditure is expected to fall (good for gold), which means that the market may fall first and then rise, but the rebound is a better opportunity to short! After all, once the trend is formed, any rebound is fuel for shorts.
Technical aspect: The 4-hour chart has been "broken", and the decline is not bottoming out.
Key pressure: 3300-3310 (top and bottom conversion + previous high resistance)
Support below: 3277 (short-term support), 3263 (key long defense line)
Trend prediction: Rebound is the short point, especially above 3300. As long as it does not break through 3310, any rebound is an opportunity for shorts to increase their positions.
The most disgusting thing about the falling market is that you think it is going to rebound, but it continues to fall; when you can't help but chase the short, it rebounds slightly and hits your stop loss. Therefore, the best strategy is to focus on high-altitude, not chasing the short, and wait for the rebound before entering the market.
Trading strategy: Let short profits run
Aggressive short: Try short with a light position at the current price of 3287, stop loss 3305, target 3277-3263.
Steady short: Short in batches at rebound 3300-3310, stop loss 3315, target 3280-3263.
Bottom-fishing? Be careful! You can try short-term long near 3263, but you must set a stop loss of 3258 and enter and exit quickly.
Today's focus:
If the PCE data is bearish, gold may accelerate to 3260 or even lower.
If the data is unexpectedly bullish, the rebound of 3320-3330 is still a short-selling opportunity.
Summary: The general trend of gold has turned bearish, and any rebound is a good opportunity to short!
Remember: In a downward trend, it is better to go short than to guess the bottom, let the market tell you where the bottom is!
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.