Market news:
On Monday (July 7) in the early Asian session, spot gold fluctuated slightly and fell, once losing the 3330 mark, and is currently trading around $3325/ounce. Trump plans to discuss the details of the ceasefire in the Gaza conflict with Israel on Monday, and the market's risk aversion has cooled slightly. As the deadline for the tariff suspension on July 9 is approaching, the market is in a wait-and-see mood; the US Treasury Secretary hinted on Sunday that the deadline for the resumption of tariffs will be changed to August 1, which also slightly weakened the market's concerns!At present, the macro background is still favorable for international gold. Fiscal spending and the depreciation of the purchasing power of legal currency will continue to support gold. Short-term adjustments are precisely medium- and long-term buying opportunities. The diversification of foreign exchange reserves and the wave of de-dollarization will drive central banks and institutional buying to continue to flow into gold. In addition, Trump's global tariff suspension will expire on July 9. If global trade frictions re-emerge, it may further increase the market's demand for safe-haven assets. In the short term, the London gold price is still in a high consolidation range, but under the background of high deficits, weak US dollar and unstable risk aversion, the logic of "buy-low opportunity" of gold bulls has not changed. Geopolitical easing may weaken the safe-haven demand for gold in the short term! Pay close attention to the progress of trade negotiations this week, the minutes of the Federal Reserve meeting, and the interest rate decisions of the Reserve Banks of Australia and New Zealand to seize investment opportunities in the gold market.
Technical Review:
Gold prices are under pressure in the short term. Although gold closed with a positive K on the weekly chart, the gold price did not rise sharply as expected after the continued weakening of the US dollar. The 3400 mark is still a short-term medium pressure position. Coupled with the sharp increase in non-agricultural employment in the United States, gold has instead experienced a week-end decline and shock adjustment after the rise at the beginning of the week. At present, the price of the weekly chart has returned to the MA10/7-day moving average position for adjustment, and the RSI indicator has turned downward. The 10/7-day moving average of the daily chart is glued at the short-term support of 3322. The price is adjusted below the middle track of the Bollinger band, and the RSI indicator continues to flatten the middle axis. The short-term four-hour chart is oscillating and adjusting, the moving average opens downward, the Bollinger Bands close, and the RSI indicator breaks through the 50 value of the middle axis. Technically, gold is facing heavy pressure in the short term. The continued weakness of the US dollar index has not exchanged for the strong rise of gold. Therefore, once the US dollar index stops falling and stabilizes to form a strong rise, gold is expected to face further downward adjustment space. Band trading is mainly selling, short-term intraday trading is mainly selling at high prices, and low-price buying is auxiliary.
Today's analysis:
Gold buying is powerless to turn the tide. Gold quickly rose and fell under pressure in the Asian session, and then began to fall sharply. Gold buying has been shattered, and gold selling continues to dominate the main market. Gold has recently been bought many times and has risen and fallen. So every rebound in gold buying is actually a possibility of inducing buying. Since gold bulls are so weak, continue to sell gold to the end. After the negative news of non-agricultural employment, gold fell below the 1-hour double top neckline. Although gold rebounded, it still fell under pressure in the 3340 area. Gold did not really stand firm in the resistance band near the neckline. Gold rebounded under pressure at 3342 in the Asian session and continued to fall. Gold rebounded below 3342 in the Asian session and it was an opportunity to sell at highs.
Operational ideas:
Buy short-term gold at 3290-3293, stop loss at 3281, target 3320-3340;
Sell short-term gold at 3340-3343, stop loss at 3352, target 3310-3300;
Key points:
First support level: 3312, second support level: 3290, third support level: 3272
First resistance level: 3336, second resistance level: 3344, third resistance level: 3353
On Monday (July 7) in the early Asian session, spot gold fluctuated slightly and fell, once losing the 3330 mark, and is currently trading around $3325/ounce. Trump plans to discuss the details of the ceasefire in the Gaza conflict with Israel on Monday, and the market's risk aversion has cooled slightly. As the deadline for the tariff suspension on July 9 is approaching, the market is in a wait-and-see mood; the US Treasury Secretary hinted on Sunday that the deadline for the resumption of tariffs will be changed to August 1, which also slightly weakened the market's concerns!At present, the macro background is still favorable for international gold. Fiscal spending and the depreciation of the purchasing power of legal currency will continue to support gold. Short-term adjustments are precisely medium- and long-term buying opportunities. The diversification of foreign exchange reserves and the wave of de-dollarization will drive central banks and institutional buying to continue to flow into gold. In addition, Trump's global tariff suspension will expire on July 9. If global trade frictions re-emerge, it may further increase the market's demand for safe-haven assets. In the short term, the London gold price is still in a high consolidation range, but under the background of high deficits, weak US dollar and unstable risk aversion, the logic of "buy-low opportunity" of gold bulls has not changed. Geopolitical easing may weaken the safe-haven demand for gold in the short term! Pay close attention to the progress of trade negotiations this week, the minutes of the Federal Reserve meeting, and the interest rate decisions of the Reserve Banks of Australia and New Zealand to seize investment opportunities in the gold market.
Technical Review:
Gold prices are under pressure in the short term. Although gold closed with a positive K on the weekly chart, the gold price did not rise sharply as expected after the continued weakening of the US dollar. The 3400 mark is still a short-term medium pressure position. Coupled with the sharp increase in non-agricultural employment in the United States, gold has instead experienced a week-end decline and shock adjustment after the rise at the beginning of the week. At present, the price of the weekly chart has returned to the MA10/7-day moving average position for adjustment, and the RSI indicator has turned downward. The 10/7-day moving average of the daily chart is glued at the short-term support of 3322. The price is adjusted below the middle track of the Bollinger band, and the RSI indicator continues to flatten the middle axis. The short-term four-hour chart is oscillating and adjusting, the moving average opens downward, the Bollinger Bands close, and the RSI indicator breaks through the 50 value of the middle axis. Technically, gold is facing heavy pressure in the short term. The continued weakness of the US dollar index has not exchanged for the strong rise of gold. Therefore, once the US dollar index stops falling and stabilizes to form a strong rise, gold is expected to face further downward adjustment space. Band trading is mainly selling, short-term intraday trading is mainly selling at high prices, and low-price buying is auxiliary.
Today's analysis:
Gold buying is powerless to turn the tide. Gold quickly rose and fell under pressure in the Asian session, and then began to fall sharply. Gold buying has been shattered, and gold selling continues to dominate the main market. Gold has recently been bought many times and has risen and fallen. So every rebound in gold buying is actually a possibility of inducing buying. Since gold bulls are so weak, continue to sell gold to the end. After the negative news of non-agricultural employment, gold fell below the 1-hour double top neckline. Although gold rebounded, it still fell under pressure in the 3340 area. Gold did not really stand firm in the resistance band near the neckline. Gold rebounded under pressure at 3342 in the Asian session and continued to fall. Gold rebounded below 3342 in the Asian session and it was an opportunity to sell at highs.
Operational ideas:
Buy short-term gold at 3290-3293, stop loss at 3281, target 3320-3340;
Sell short-term gold at 3340-3343, stop loss at 3352, target 3310-3300;
Key points:
First support level: 3312, second support level: 3290, third support level: 3272
First resistance level: 3336, second resistance level: 3344, third resistance level: 3353
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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.
We share free trading signals of various products (XAUUSD, foreign exchange, oil, BTC) every day, with high accuracy and lucrative profits.
t.me/+4-wvg-b090E2MWFh
t.me/+4-wvg-b090E2MWFh
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.