Analysis of gold price trend on Tuesday
Updated
Gold is still hovering around the 2500 mark on Tuesday, and the current price is around 2504. After breaking through 2500 last Friday, gold prices hit a record high of 2510 on Monday, and then investors took profits from the record rally and adjusted their positions based on the Fed's clues and the development of the situation in the Middle East!
The market focus will turn to the minutes of the Fed's last policy meeting released on Wednesday and Chairman Powell's speech at the Jackson Hole Economic Symposium on Friday. In terms of physical gold, several banks in major Asian countries have obtained new international gold import quotas from the central bank, and demand is expected to recover despite record prices.
The US dollar fell to a seven-month low on Monday, hitting a low of 101.8, the lowest since January 2, which still provides support for gold prices. Traders are waiting for Fed Chairman Powell's speech this week, and he is expected to signal that he will start cutting interest rates in September.
[Technical aspect]
Technical aspect: Gold daily chart/7-day moving average continues to open and move up to 2480/2460, RSI indicator runs at a high level, and the price continues to trade sideways at a high level on the upper track of the Bollinger Band. The short-term four-hour chart forms a high-level shock. Although the bulls were still strong yesterday, there was no secondary volume to form a breakthrough of the previous high, but it maintained a high-level sideways trading. The price continued to adjust and repair in the trend bulls to obtain support. Gold trading today continues the trend of low-price long ideas.
Trading strategy:
2489-2492 long, stop loss 2481, target 2510-2520;
2522-2525 short, stop loss 2534, target 2500-2490;
The market focus will turn to the minutes of the Fed's last policy meeting released on Wednesday and Chairman Powell's speech at the Jackson Hole Economic Symposium on Friday. In terms of physical gold, several banks in major Asian countries have obtained new international gold import quotas from the central bank, and demand is expected to recover despite record prices.
The US dollar fell to a seven-month low on Monday, hitting a low of 101.8, the lowest since January 2, which still provides support for gold prices. Traders are waiting for Fed Chairman Powell's speech this week, and he is expected to signal that he will start cutting interest rates in September.
[Technical aspect]
Technical aspect: Gold daily chart/7-day moving average continues to open and move up to 2480/2460, RSI indicator runs at a high level, and the price continues to trade sideways at a high level on the upper track of the Bollinger Band. The short-term four-hour chart forms a high-level shock. Although the bulls were still strong yesterday, there was no secondary volume to form a breakthrough of the previous high, but it maintained a high-level sideways trading. The price continued to adjust and repair in the trend bulls to obtain support. Gold trading today continues the trend of low-price long ideas.
Trading strategy:
2489-2492 long, stop loss 2481, target 2510-2520;
2522-2525 short, stop loss 2534, target 2500-2490;
Trade active
2522~2515 fell rapidly by 70pips
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