Economic data released. Start of a new trend?

The international gold market suffered a sharp sell-off, and the spot gold price once fell below the key psychological mark of $3,300/ounce, reaching a low of $3,392.59, as the US dollar index rebounded from a low of more than a month and concerns about the international trade situation cooled down.

The gold price is currently in a short-term recovery phase, and the downside risk is temporarily lifted. In the long run, the expansion of the US fiscal deficit may support the gold price; but in the short term, according to the latest data released by the United States, it is conducive to the long operation of gold, and the gold price will rise briefly.

Gold is strong in the short term, but traders need to take profits in time to avoid unexpected events that cause trend changes.

Overall, the short-term trend of gold prices is still subject to the US dollar, interest rate expectations and economic data, and the competition for the $3,300 mark will become the key.

The US economic data is within the expected range, and gold has a short upward trend.

Operation strategy:

Buy near $3290, stop loss at $3280, profit range at $3320-3330.