6.3 Gold Market
On June 2, after the opening of the Asia-Pacific market, the international gold price broke through the key resistance level of $3,300/ounce. The main contract of COMEX gold futures jumped high and reached a high of $3,384/ounce, rising by more than 2% during the day, the largest single-day increase in nearly three weeks.
On May 30, US President Trump said that he would increase the tariff on imported steel from 25% to 50%. He also made a new threat, saying that he would impose a 50% tariff on the European Union on July 9. As soon as the news came out, gold, as a safe-haven asset, rebounded.
This is the third time that gold has staged a "roller coaster" market at the $3,300 mark this year. After the gold price hit a historical high of $3,509 in April, it plummeted to $3,245 due to long profit-taking and easing of geopolitical situations, but then stabilized and rebounded under the influence of factors such as central bank gold purchases and rising expectations of US economic stagflation.
The current market has broken the short-term upward trend line and may enter a sideways fluctuation stage. If 3370 can be broken tonight, the situation may form a double top or rush to 3400.
Today, it is recommended to buy at low levels. Intraday support level 3357/3345 Resistance level 3370
BUY: 3350-3360
SL: 3345
TP: 3370-3400
Thank you for your attention. I hope my analysis can help you.
On June 2, after the opening of the Asia-Pacific market, the international gold price broke through the key resistance level of $3,300/ounce. The main contract of COMEX gold futures jumped high and reached a high of $3,384/ounce, rising by more than 2% during the day, the largest single-day increase in nearly three weeks.
On May 30, US President Trump said that he would increase the tariff on imported steel from 25% to 50%. He also made a new threat, saying that he would impose a 50% tariff on the European Union on July 9. As soon as the news came out, gold, as a safe-haven asset, rebounded.
This is the third time that gold has staged a "roller coaster" market at the $3,300 mark this year. After the gold price hit a historical high of $3,509 in April, it plummeted to $3,245 due to long profit-taking and easing of geopolitical situations, but then stabilized and rebounded under the influence of factors such as central bank gold purchases and rising expectations of US economic stagflation.
The current market has broken the short-term upward trend line and may enter a sideways fluctuation stage. If 3370 can be broken tonight, the situation may form a double top or rush to 3400.
Today, it is recommended to buy at low levels. Intraday support level 3357/3345 Resistance level 3370
BUY: 3350-3360
SL: 3345
TP: 3370-3400
Thank you for your attention. I hope my analysis can help you.
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.
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.