Analysis of gold price trend on Tuesday
Updated
In the Asian market on Tuesday, gold fluctuated in a narrow range and is currently around 2410. Gold prices fell more than 1% on Monday, hitting an intraday low of 2364, which is exactly where the 55-day moving average support is located. Due to the increased economic concerns, the wider global market was sold off. However, analysts said that this was only a temporary correction for safe-haven international gold, and there was still bargain hunting to support gold prices. Gold prices rebounded above the 2400 mark in late trading!
Global stock markets collapsed and affected the gold market. The gold price fluctuated by nearly $95 a day, which is an extremely rare performance. The main reason is that the wider global market sell-off was triggered by increased economic concerns. The weak non-farm payrolls data released by the United States last Friday triggered concerns that the United States would fall into a recession. After the U.S. stock market plummeted, the concerns also spread to the global market. Although gold should be able to play its safe-haven characteristics in uncertain times, it was not immune to the sell-off on Monday as investors sold assets across the board.
Gold, which has risen more than 16% so far this year, may regain its footing given continued economic and political uncertainty and expectations of a rate cut by the Federal Reserve. However, geopolitical concerns have eased and safe-haven demand has weakened as the current situation suggests that the war in the Middle East will not expand further. Investors need to pay attention to the Reserve Bank of Australia's interest rate decision this trading day, and continue to pay attention to the speeches of Federal Reserve officials and news related to the geopolitical situation.
[Technical side]
Gold has the same trend as Friday, bottoming out and rebounding. The risk of turbulence in the global financial market, stock market, index, foreign exchange, and futures has intensified. Gold still has not formed a fixed trend. The adjustment range is large, and the short-term layout of wide fluctuations is based on the idea. After breaking through the MA10-day moving average, the daily chart fell sharply and tested the MA63-day moving average. After that, it rebounded sharply in the late trading and returned to the current 2410 line of the MA10-day moving average. The short-term four-hour chart RSI indicator runs below the central axis, and the MA10/7-day moving average opens downward to 2416/2425. In the hourly chart and the four-hour chart, the price is running in the middle and lower tracks of the Bollinger Bands. Maintain the sell high and buy low trade!
Trading strategy:
2400-2403 long, stop loss 2391, target 2420-2430;
2430-2432 short, stop loss 2441, target 2400-2390;
Global stock markets collapsed and affected the gold market. The gold price fluctuated by nearly $95 a day, which is an extremely rare performance. The main reason is that the wider global market sell-off was triggered by increased economic concerns. The weak non-farm payrolls data released by the United States last Friday triggered concerns that the United States would fall into a recession. After the U.S. stock market plummeted, the concerns also spread to the global market. Although gold should be able to play its safe-haven characteristics in uncertain times, it was not immune to the sell-off on Monday as investors sold assets across the board.
Gold, which has risen more than 16% so far this year, may regain its footing given continued economic and political uncertainty and expectations of a rate cut by the Federal Reserve. However, geopolitical concerns have eased and safe-haven demand has weakened as the current situation suggests that the war in the Middle East will not expand further. Investors need to pay attention to the Reserve Bank of Australia's interest rate decision this trading day, and continue to pay attention to the speeches of Federal Reserve officials and news related to the geopolitical situation.
[Technical side]
Gold has the same trend as Friday, bottoming out and rebounding. The risk of turbulence in the global financial market, stock market, index, foreign exchange, and futures has intensified. Gold still has not formed a fixed trend. The adjustment range is large, and the short-term layout of wide fluctuations is based on the idea. After breaking through the MA10-day moving average, the daily chart fell sharply and tested the MA63-day moving average. After that, it rebounded sharply in the late trading and returned to the current 2410 line of the MA10-day moving average. The short-term four-hour chart RSI indicator runs below the central axis, and the MA10/7-day moving average opens downward to 2416/2425. In the hourly chart and the four-hour chart, the price is running in the middle and lower tracks of the Bollinger Bands. Maintain the sell high and buy low trade!
Trading strategy:
2400-2403 long, stop loss 2391, target 2420-2430;
2430-2432 short, stop loss 2441, target 2400-2390;
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