Gold price fluctuated upward today: target 3400 points
Fundamentals:
CPI data: US CPI rose 0.3% month-on-month in June (the largest increase since January), and the core CPI annual rate rose to 2.9%, which strengthened the market's cooling of the Fed's expectations for rate cuts (the probability of a rate cut in September fell to 53%).
US dollar index: rose to 98.70 (a three-week high), suppressing the attractiveness of gold.
Trump's tariff policy: plans to impose tariffs of "slightly above 10%" on several small countries, and the EU plans to impose retaliatory tariffs of US$84.1 billion on US goods, supporting the safe-haven demand for gold.
Technical aspects:
(1) Short-term trend (4-hour line)
Support level: 3320, if it falls below, it will fall to 3300 or even 3222.
Resistance level: 3350 (short-term pressure level), after breaking through, it is expected to challenge 3375-3400.
MACD and RSI: Showing a tug-of-war between bulls and bears, tending to fluctuate upward in the short term.
(2) Medium- and long-term trends (weekly chart)
The rising channel remains intact, the Bollinger Band opening widens, and the medium-term target is $3,400-3,700.
Today's focus
US June PPI data (if it exceeds expectations, it may further suppress expectations of interest rate cuts).
Speech by Fed officials (pay attention to policy direction).
Progress of the trade war (if the tariff conflict escalates, gold may receive safe-haven buying).
Summary and operational suggestions
Short-term:
Gold prices fluctuate in the 3300-3400 range, pay attention to the breakthrough of the 3320 support level and the 3350 resistance level.
Strategy:
Buy on dips (try to go long with a light position near 3330 points, with a stop loss below 3320 points).
Go long after breaking through 3350 (target 3375-3400).
If it falls below 3320, it may further correct back to the 3300-3250 area.
Fundamentals:
CPI data: US CPI rose 0.3% month-on-month in June (the largest increase since January), and the core CPI annual rate rose to 2.9%, which strengthened the market's cooling of the Fed's expectations for rate cuts (the probability of a rate cut in September fell to 53%).
US dollar index: rose to 98.70 (a three-week high), suppressing the attractiveness of gold.
Trump's tariff policy: plans to impose tariffs of "slightly above 10%" on several small countries, and the EU plans to impose retaliatory tariffs of US$84.1 billion on US goods, supporting the safe-haven demand for gold.
Technical aspects:
(1) Short-term trend (4-hour line)
Support level: 3320, if it falls below, it will fall to 3300 or even 3222.
Resistance level: 3350 (short-term pressure level), after breaking through, it is expected to challenge 3375-3400.
MACD and RSI: Showing a tug-of-war between bulls and bears, tending to fluctuate upward in the short term.
(2) Medium- and long-term trends (weekly chart)
The rising channel remains intact, the Bollinger Band opening widens, and the medium-term target is $3,400-3,700.
Today's focus
US June PPI data (if it exceeds expectations, it may further suppress expectations of interest rate cuts).
Speech by Fed officials (pay attention to policy direction).
Progress of the trade war (if the tariff conflict escalates, gold may receive safe-haven buying).
Summary and operational suggestions
Short-term:
Gold prices fluctuate in the 3300-3400 range, pay attention to the breakthrough of the 3320 support level and the 3350 resistance level.
Strategy:
Buy on dips (try to go long with a light position near 3330 points, with a stop loss below 3320 points).
Go long after breaking through 3350 (target 3375-3400).
If it falls below 3320, it may further correct back to the 3300-3250 area.
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.