Gold bulls are suppressed, rebound short-selling range grasp
💡Message Strategy
The cooling of geopolitical tensions and the easing of Sino-US trade tensions have boosted market risk appetite, and rising stock markets have weakened the attractiveness of holding gold, suppressing gold prices.
However, geopolitical tensions have not completely calmed down, and expectations of a September rate cut by the Federal Reserve have increased, limiting the decline in gold and providing support. In terms of operations, it is recommended to treat it with a volatile mindset.
📊Technical aspects
On the daily chart, after gold hit a two-month high in mid-June, it encountered resistance and fell back, hitting a new low in nearly a month, and the short-term trend is biased downward.
For gold's upper pressure, pay attention to the intraday high of $3,300. The gold price bottomed out and rebounded during the day. For gold's lower support, pay attention to the intraday gold price rebounding above the rising position of $3,270, followed by the intraday low of $3,247, which is also near the low point of the gold price after the rise in May. The 5-day moving average and the MACD indicator cross downward, showing that the short-term technical side is dominant.
From the 1-hour analysis, the upper short-term resistance is around 3277-3281, the 3295-3301 line is suppressed, and the 3316 line is suppressed.
In terms of operation, the main short-term support is around 3250-3255. The overall main tone of high-altitude participation remains unchanged in this range, so pay attention in time.
💰Strategy Package
Short Position：3290-3300，SL：3316，Target: 3240-3250
