Analysis of gold price trend on Monday
Aktualisiert
Spot gold fell slightly in the Asian market on Monday and is currently trading around 2383. The unexpected result of the French election over the weekend, the weakening of the euro, provided the US dollar with a rebound opportunity, and the London gold price was slightly under pressure. Gold extended its gains on Friday to its highest level in more than a month, reaching 2392, after key US employment data showed that the labor market was weakening, thus raising expectations of a September rate cut by the Federal Reserve.
In the past week, the US economic data has been disappointing, the US dollar has fallen under pressure, and gold has risen strongly. Looking ahead to the next week, Fed Chairman Powell will testify in Congress for two consecutive days, and the US CPI data for June may affect the Fed's expectations of rate cuts. In Europe, the French election on Sunday (July 7) has attracted much attention. In addition, the Reserve Bank of New Zealand will announce its interest rate decision. Given that it is expected to keep the interest rate unchanged, the market will pay attention to changes in its wording.
Investors need to pay attention to the further fermentation of the French election on this trading day. This week, focus on the congressional testimony of Fed Chairman Powell and the US CPI data for June, and pay attention to news related to the geopolitical situation. Relatively speaking, the current fundamentals and technical aspects tend to support gold prices to break through the 2400 mark, and it is even expected to test the resistance near the historical high of 2449.
Technical aspect
Technical aspect: Gold closed sharply higher on the daily line. Bollinger Bands opened upward, MA10/7-day moving average opened upward and currently moved up to 2343/2355, and RSI indicator ran above the middle axis. Short-term four-hour chart formed a big positive line and broke through the moving average, keeping the opening upward and the price was on the upper track of Bollinger Bands, but RSI indicator reached 80 and entered the overbought zone, paying attention to the technical adjustment of the early week's high and fall. The trading idea of gold at the beginning of the week remains unchanged, and the idea of buying at a low price remains unchanged, supplemented by selling at a high price.
Asian trading strategy:
Short-term gold 2380-2382 long, stop loss 2371, target 2395-2405;
Short-term gold 2406-2408 short, stop loss 2415, target 2380-2390;
Note: The above strategy was updated on July 8. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, NY time strategy is waiting for update
In the past week, the US economic data has been disappointing, the US dollar has fallen under pressure, and gold has risen strongly. Looking ahead to the next week, Fed Chairman Powell will testify in Congress for two consecutive days, and the US CPI data for June may affect the Fed's expectations of rate cuts. In Europe, the French election on Sunday (July 7) has attracted much attention. In addition, the Reserve Bank of New Zealand will announce its interest rate decision. Given that it is expected to keep the interest rate unchanged, the market will pay attention to changes in its wording.
Investors need to pay attention to the further fermentation of the French election on this trading day. This week, focus on the congressional testimony of Fed Chairman Powell and the US CPI data for June, and pay attention to news related to the geopolitical situation. Relatively speaking, the current fundamentals and technical aspects tend to support gold prices to break through the 2400 mark, and it is even expected to test the resistance near the historical high of 2449.
Technical aspect
Technical aspect: Gold closed sharply higher on the daily line. Bollinger Bands opened upward, MA10/7-day moving average opened upward and currently moved up to 2343/2355, and RSI indicator ran above the middle axis. Short-term four-hour chart formed a big positive line and broke through the moving average, keeping the opening upward and the price was on the upper track of Bollinger Bands, but RSI indicator reached 80 and entered the overbought zone, paying attention to the technical adjustment of the early week's high and fall. The trading idea of gold at the beginning of the week remains unchanged, and the idea of buying at a low price remains unchanged, supplemented by selling at a high price.
Asian trading strategy:
Short-term gold 2380-2382 long, stop loss 2371, target 2395-2405;
Short-term gold 2406-2408 short, stop loss 2415, target 2380-2390;
Note: The above strategy was updated on July 8. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, NY time strategy is waiting for update
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Anmerkung
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TP1:2373
TP2:2370
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