Today's gold price: Continue to buy on dips
Trading core:
As long as the gold price is above 3340, look for opportunities to buy on dips, stop loss 3330
Target: 3360-3380-3400+
Support factors
Weak dollar: The weakening of the US dollar index boosted the demand for gold denominated in US dollars.
Safe haven demand: The EU plans to formulate a tariff retaliation plan, and market concerns about trade frictions have intensified, and gold is supported as a safe-haven asset.
Central bank gold purchases: A survey by the World Gold Council showed that 95% of central banks plan to continue to increase their gold holdings, which will support gold prices in the long run.
Market focus
Federal Reserve policy: The market is closely watching the upcoming speech of Federal Reserve Chairman Powell and the FOMC meeting on July 29-30.
ECB interest rate decision: This week's ECB monetary policy meeting may have an impact on gold prices.
US tariff policy: August 1 is the deadline for the United States to impose tariffs on multiple countries, and uncertainty may further push up gold prices.
Technical analysis:
Short-term resistance is in the range of $3360-3380
Short-term support is in the range of $3330-3340.
If it breaks through $3400, it may trigger a new round of rise.
As shown in Figure 4h
Gold prices are currently repeatedly testing the pressure of the 3370-3360 range. Once it breaks through, it will take the orange route.
If it fails, it will take the oscillating path (blue route).
My advice to everyone is: continue to wait for opportunities to go long at low prices.
Trading core:
As long as the gold price is above 3340, look for opportunities to buy on dips, stop loss 3330
Target: 3360-3380-3400+
Support factors
Weak dollar: The weakening of the US dollar index boosted the demand for gold denominated in US dollars.
Safe haven demand: The EU plans to formulate a tariff retaliation plan, and market concerns about trade frictions have intensified, and gold is supported as a safe-haven asset.
Central bank gold purchases: A survey by the World Gold Council showed that 95% of central banks plan to continue to increase their gold holdings, which will support gold prices in the long run.
Market focus
Federal Reserve policy: The market is closely watching the upcoming speech of Federal Reserve Chairman Powell and the FOMC meeting on July 29-30.
ECB interest rate decision: This week's ECB monetary policy meeting may have an impact on gold prices.
US tariff policy: August 1 is the deadline for the United States to impose tariffs on multiple countries, and uncertainty may further push up gold prices.
Technical analysis:
Short-term resistance is in the range of $3360-3380
Short-term support is in the range of $3330-3340.
If it breaks through $3400, it may trigger a new round of rise.
As shown in Figure 4h
Gold prices are currently repeatedly testing the pressure of the 3370-3360 range. Once it breaks through, it will take the orange route.
If it fails, it will take the oscillating path (blue route).
My advice to everyone is: continue to wait for opportunities to go long at low prices.
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.