Gold hits its peak again, will the market outlook continue to su
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On Tuesday, as Powell signaled that the Federal Reserve had no plans to cut interest rates in the short term, the U.S. dollar index continued to strengthen, recording its fifth consecutive positive day. U.S. bond yields extended their gains. The 10-year U.S. Treasury yield once approached the 4.7% mark, hitting another five-month high, and finally closed at 4.661%. The yield on the 2-year U.S. Treasury note, which is most sensitive to the Fed's policy rate, hit the 5% mark again during the session.
Risk aversion limited gold's losses despite Powell's attempts to blunt market expectations for a rate cut. Spot gold approached the 2,400 mark during the session, but then fell back.
After gold hit near 2,400 overnight on Wednesday, it once pulled back to a low near 2,372 in early trading today. As of now, it has risen again to above 2,390.
Judging from the current hourly chart:
It can be seen that gold is currently in a rising flag shape, so there is a high probability that gold will reach the top again and return to above 2400 again.
The current top of the hourly chart is around 2408, and the bottom support is at 2380-85.
Therefore, if nothing unexpected happens today, there is a high probability that it will remain within this range and consolidate.
Therefore, it is best not to look at unilateral trends in current operations. At present, long and short prices fluctuate greatly every day, which can easily be counterproductive.
In terms of current operations, I suggest you wait for 2380-85 to enter the market and go long, and look at the high point of 2405-08.
Or wait for 2405-05 to go short, and continue to look at the 2380-85 support position.
