Gold prices are under pressure at $3,380 today
Safe-haven demand rises
Trump announced that he will impose a 30% tariff on EU and Mexican goods from August 1, and a 20% to 50% tariff on Canada, Japan, Brazil and other countries. The market is worried about the escalation of the trade war, pushing up gold prices.
Gold prices soared to $3,374 in the Asian session today (the highest since June 23).
Fed policy expectations
The minutes of the June FOMC meeting showed that there were differences within the Fed on the issue of interest rate cuts, and the probability of keeping interest rates unchanged in July was 93.3%. Market expectations for interest rate cuts have cooled, limiting the rise in gold prices.
US dollar trend
Last Friday, the US dollar index closed up 0.3% at 97.85, approaching the 98 mark, which puts pressure on gold in the short term.
3. Technical analysis
Short-term trend
Support: $3,340-3,350 (21-day moving average), $3,326 (50-day moving average).
Resistance level: $3377 (23.6% Fibonacci retracement level), $3400 (psychological barrier).
MACD golden cross formed, indicating that there is still room for growth.
Key observation points
If the gold price stands above $3377, it may challenge $3400;
If it falls below $3340, it may test the support level of $3320-3300.
Comprehensive analysis from the current sentiment:
Day trading ideas: Try to go long at a low price, and treat it with a volatile long-term idea. Today's gold price is likely to break through 3380, and today's target is likely to be 3400+
Fourth, pay attention to the market outlook
Trump issued a policy statement on Russia today (may involve new sanctions).
US June CPI data (released on Tuesday, affecting the Fed's policy expectations).
Subsequent development of the trade war (the EU and Mexico may take countermeasures).
Safe-haven demand rises
Trump announced that he will impose a 30% tariff on EU and Mexican goods from August 1, and a 20% to 50% tariff on Canada, Japan, Brazil and other countries. The market is worried about the escalation of the trade war, pushing up gold prices.
Gold prices soared to $3,374 in the Asian session today (the highest since June 23).
Fed policy expectations
The minutes of the June FOMC meeting showed that there were differences within the Fed on the issue of interest rate cuts, and the probability of keeping interest rates unchanged in July was 93.3%. Market expectations for interest rate cuts have cooled, limiting the rise in gold prices.
US dollar trend
Last Friday, the US dollar index closed up 0.3% at 97.85, approaching the 98 mark, which puts pressure on gold in the short term.
3. Technical analysis
Short-term trend
Support: $3,340-3,350 (21-day moving average), $3,326 (50-day moving average).
Resistance level: $3377 (23.6% Fibonacci retracement level), $3400 (psychological barrier).
MACD golden cross formed, indicating that there is still room for growth.
Key observation points
If the gold price stands above $3377, it may challenge $3400;
If it falls below $3340, it may test the support level of $3320-3300.
Comprehensive analysis from the current sentiment:
Day trading ideas: Try to go long at a low price, and treat it with a volatile long-term idea. Today's gold price is likely to break through 3380, and today's target is likely to be 3400+
Fourth, pay attention to the market outlook
Trump issued a policy statement on Russia today (may involve new sanctions).
US June CPI data (released on Tuesday, affecting the Fed's policy expectations).
Subsequent development of the trade war (the EU and Mexico may take countermeasures).
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.