Analysis of gold price trend on Monday
In the early Asian session on Monday, spot gold fluctuated in a narrow range, around 2427. After a sharp rise last Thursday, gold prices stabilized last Friday. Investors' confidence in the Fed's interest rate cut in September increased, and the US Treasury yield fell last Friday, providing some support for gold prices. The market will also pay attention to the US CPI data to be released this week.
In addition, the geopolitical situation in the Middle East remains tense, which also provides safe-haven support for gold prices. Iran's acting foreign minister said on Sunday (August 11) that "legal and decisive actions will be taken against Israel." However, gold prices fell 0.6% last week. Under the influence of investors' liquidation and large-scale stock market sell-offs, gold fell as low as 3% last week.
The US New York Fed's 1-year inflation expectations for July will be released this trading day, and investors need to pay attention to it. In addition, former US President Trump received a heavy interview with Tesla President Musk, and investors also need to pay attention to it.
[Technical side]
The gold line rose sharply, and the hourly chart was in a W-bottom pattern. The heavyweight data this week is the heavy debut of CPI. I personally think that the US CPI data for July may continue to weaken, which will suppress the US Treasury yield and the US dollar index. Technically, the gold daily line has a continuous rise structure, standing above the MA10 daily moving average of 2420, and the RSI indicator is above the middle axis, which is consistent with the four-hour chart and stabilized above the middle axis. At the same time, the price closed at the upper track of the Bollinger Band channel on the hourly chart and the four-hour chart. Gold trading ideas continue to go long at low prices when the callback!
Trading strategy:
2418-2420 long, stop loss 2409, target 2440-2450;
2440-2442 short, stop loss 2451, target 2420-2410;
Check out my work, I'm here to help you learn a little bit about trading every day.
In addition, the geopolitical situation in the Middle East remains tense, which also provides safe-haven support for gold prices. Iran's acting foreign minister said on Sunday (August 11) that "legal and decisive actions will be taken against Israel." However, gold prices fell 0.6% last week. Under the influence of investors' liquidation and large-scale stock market sell-offs, gold fell as low as 3% last week.
The US New York Fed's 1-year inflation expectations for July will be released this trading day, and investors need to pay attention to it. In addition, former US President Trump received a heavy interview with Tesla President Musk, and investors also need to pay attention to it.
[Technical side]
The gold line rose sharply, and the hourly chart was in a W-bottom pattern. The heavyweight data this week is the heavy debut of CPI. I personally think that the US CPI data for July may continue to weaken, which will suppress the US Treasury yield and the US dollar index. Technically, the gold daily line has a continuous rise structure, standing above the MA10 daily moving average of 2420, and the RSI indicator is above the middle axis, which is consistent with the four-hour chart and stabilized above the middle axis. At the same time, the price closed at the upper track of the Bollinger Band channel on the hourly chart and the four-hour chart. Gold trading ideas continue to go long at low prices when the callback!
Trading strategy:
2418-2420 long, stop loss 2409, target 2440-2450;
2440-2442 short, stop loss 2451, target 2420-2410;
Check out my work, I'm here to help you learn a little bit about trading every day.
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