Gold bulls collapsed! Bears counterattacked strongly, is the 3300 mark in danger?
Fundamental analysis
Safe-haven demand weakened
The call between the leaders of China and the United States released a signal of easing trade tensions, the market risk appetite rebounded, and gold rose and fell.
Spot gold once hit a four-week high of $3,403 during the week, but eventually closed down 1.26% to $3,310.
The market is paying attention to the US non-farm data and the policy trends of the Federal Reserve. If the data is strong or strengthens the expectation of interest rate hikes, it may further suppress the gold price.
Despite the short-term pressure, the gold price has risen by 28% this year, and its long-term safe-haven attribute has not changed.
Technical analysis
Weekly level
The pattern shows significant pressure from above, and the MACD high dead cross sign indicates that the bears may continue to test the 3300 mark.
Daily level
The decline for several consecutive days broke the short-term moving average (5-day/10-day moving average), and the MACD dead cross increased in volume, which was overall bearish.
The key support moves up to 3295 (Bolin middle rail), if it fails, it will open up downward space.
4-hour level
The price breaks below the Bollinger lower rail, the moving average system is arranged in a short position, and the MACD dead cross has sufficient momentum. The short-term may test the 3280 support.
Operation strategy
Resistance level
Short-term: 3328-3330 (short dividing point)
Strong resistance: 3345-3350 (breakthrough will slow down the downward rhythm)
Support level
Primary: 3290-3280 (beginning of the week target)
After breaking, look to the 3250-3230 area
Recommendations
Main strategy: short-selling on the rebound to the 3328-3332 area, stop loss above 3345, target 3290-3280.
Auxiliary strategy: light long orders at the first touch of 3280, stop loss below 3270, target 3300-3310.
Risk warning: If the non-farm data is lower than expected or the geopolitical situation changes suddenly, be wary of a bullish counterattack.
Fundamental analysis
Safe-haven demand weakened
The call between the leaders of China and the United States released a signal of easing trade tensions, the market risk appetite rebounded, and gold rose and fell.
Spot gold once hit a four-week high of $3,403 during the week, but eventually closed down 1.26% to $3,310.
The market is paying attention to the US non-farm data and the policy trends of the Federal Reserve. If the data is strong or strengthens the expectation of interest rate hikes, it may further suppress the gold price.
Despite the short-term pressure, the gold price has risen by 28% this year, and its long-term safe-haven attribute has not changed.
Technical analysis
Weekly level
The pattern shows significant pressure from above, and the MACD high dead cross sign indicates that the bears may continue to test the 3300 mark.
Daily level
The decline for several consecutive days broke the short-term moving average (5-day/10-day moving average), and the MACD dead cross increased in volume, which was overall bearish.
The key support moves up to 3295 (Bolin middle rail), if it fails, it will open up downward space.
4-hour level
The price breaks below the Bollinger lower rail, the moving average system is arranged in a short position, and the MACD dead cross has sufficient momentum. The short-term may test the 3280 support.
Operation strategy
Resistance level
Short-term: 3328-3330 (short dividing point)
Strong resistance: 3345-3350 (breakthrough will slow down the downward rhythm)
Support level
Primary: 3290-3280 (beginning of the week target)
After breaking, look to the 3250-3230 area
Recommendations
Main strategy: short-selling on the rebound to the 3328-3332 area, stop loss above 3345, target 3290-3280.
Auxiliary strategy: light long orders at the first touch of 3280, stop loss below 3270, target 3300-3310.
Risk warning: If the non-farm data is lower than expected or the geopolitical situation changes suddenly, be wary of a bullish counterattack.
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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.