Gold technical analysis and operation strategy
Market review and current trend
Gold fell from $3402 as expected in the morning trading today. After the price rose in resonance in the evening, it chased more again at 3397.8. The current gold price has broken through the short-term acceleration line. The key resistance above is at $3420 (the pressure of the convergent triangle trend line). If it is touched for the first time, you can try shorting. The support below focuses on 3400-3405. After stabilization, it is still bullish. Breaking through 3420 is expected to challenge the previous high of 3452.
Key driving factors of fundamentals
Fed policy expectations: The market focuses on the speech of Fed Chairman Powell at 20:30 tonight. If he releases dovish signals (such as hinting at a rate cut), it may boost gold; if he maintains a hawkish stance, gold prices may be under pressure by 37.
Geopolitical and trade risks:
The escalation of the conflict between Russia and Ukraine has boosted safe-haven demand, and gold open interest has surged by 23%5.
As trade frictions between Europe and the United States intensify, the EU may impose retaliatory tariffs of $72 billion on the United States, exacerbating market volatility6.
US dollar and US Treasury yields: The US dollar index fell below 98, and the 10-year US Treasury yield fell back below 2%, reducing the cost of holding gold and supporting the gold price of 610.
Key points of technical analysis
Support level:
3400-3405 (short-term long-short watershed)
3385 (today's low, key defensive position)
3360-3350 (daily moving average support) 18
Resistance level:
3420 (convergent triangle upper track, short short for the first time)
3452 (previous high pressure, may accelerate upward after breaking through) 10
Operation strategy
Short-term short order: first touch 3430 light position short, stop loss 3438, target 3415-3410.
Pullback long: 3410-3405 stabilizes and then long, stop loss 3395, target 3430, break to see 3430-3452.
Breakout strategy: If it stands firm at 3420, you can follow up with long orders, with the target being 810 above 3450.
Risk warning
Powell's speech may cause violent fluctuations. It is recommended to control positions and avoid heavy positions in the data market.
If it falls below 3385, the short-term bullish structure may be destroyed, and we need to be vigilant about further corrections to 3360-3350.
Market review and current trend
Gold fell from $3402 as expected in the morning trading today. After the price rose in resonance in the evening, it chased more again at 3397.8. The current gold price has broken through the short-term acceleration line. The key resistance above is at $3420 (the pressure of the convergent triangle trend line). If it is touched for the first time, you can try shorting. The support below focuses on 3400-3405. After stabilization, it is still bullish. Breaking through 3420 is expected to challenge the previous high of 3452.
Key driving factors of fundamentals
Fed policy expectations: The market focuses on the speech of Fed Chairman Powell at 20:30 tonight. If he releases dovish signals (such as hinting at a rate cut), it may boost gold; if he maintains a hawkish stance, gold prices may be under pressure by 37.
Geopolitical and trade risks:
The escalation of the conflict between Russia and Ukraine has boosted safe-haven demand, and gold open interest has surged by 23%5.
As trade frictions between Europe and the United States intensify, the EU may impose retaliatory tariffs of $72 billion on the United States, exacerbating market volatility6.
US dollar and US Treasury yields: The US dollar index fell below 98, and the 10-year US Treasury yield fell back below 2%, reducing the cost of holding gold and supporting the gold price of 610.
Key points of technical analysis
Support level:
3400-3405 (short-term long-short watershed)
3385 (today's low, key defensive position)
3360-3350 (daily moving average support) 18
Resistance level:
3420 (convergent triangle upper track, short short for the first time)
3452 (previous high pressure, may accelerate upward after breaking through) 10
Operation strategy
Short-term short order: first touch 3430 light position short, stop loss 3438, target 3415-3410.
Pullback long: 3410-3405 stabilizes and then long, stop loss 3395, target 3430, break to see 3430-3452.
Breakout strategy: If it stands firm at 3420, you can follow up with long orders, with the target being 810 above 3450.
Risk warning
Powell's speech may cause violent fluctuations. It is recommended to control positions and avoid heavy positions in the data market.
If it falls below 3385, the short-term bullish structure may be destroyed, and we need to be vigilant about further corrections to 3360-3350.
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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.
Free Signals：t.me/+CXftl_-QHEo2Yzc0
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.