Analysis of gold price trend on Wednesday
Güncellendi
Gold fluctuated in a narrow range in the Asian market on Wednesday, currently around 2367. Gold prices rose slightly on Tuesday. Despite the strengthening of the US dollar and rising US bond yields, Federal Reserve Chairman Powell said in a speech to Congress that the US "economy is no longer overheated", "warming up" for the September rate cut, providing support for gold!
Recent U.S. economic data showed a slowing labor market, solidifying expectations that the Fed will soon begin cutting interest rates. Fed Chairman Jerome Powell testified in Congress on Tuesday that inflation remains above the Fed's 2% target, but has been improving in recent months, and more good data will strengthen the Fed's case for cutting rates. Market focus now turns to the Consumer Price Index (CPI) data released on Thursday, with recent data showing inflation retreating after an unexpected rebound at the beginning of the year.
Fed Chairman Powell will also deliver his semi-annual monetary policy testimony to the House Financial Services Committee on this trading day, and investors also need to pay attention. In addition, pay attention to news related to the geopolitical situation.
[Technical side]
Gold adjusted the daily line to alternate between red and green, and the lower edge of the trend 2350 is still a strong support. The daily closing line still broke the lower edge of 2350, and stood above 2360 at the closing line. The daily trend was relatively standard yesterday, and the MA7-day moving average and the 10-day moving average stopped again and counterattacked and closed at a high level. The moving average has now moved up to 2359/2351, and it still remains open upward. The RSI indicator daily chart still remains above the middle axis. The lower edge support 2350 of the short-term four-hour chart is still valid.
Asian trading strategy:
Short-term gold 2351-2353 long, stop loss 2342, target 2370-2380;
Short-term gold 2370-2372 short, stop loss 2382, target 2350-2360;
Note: The above strategy was updated on July 10. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, NY time strategy is waiting for update
Recent U.S. economic data showed a slowing labor market, solidifying expectations that the Fed will soon begin cutting interest rates. Fed Chairman Jerome Powell testified in Congress on Tuesday that inflation remains above the Fed's 2% target, but has been improving in recent months, and more good data will strengthen the Fed's case for cutting rates. Market focus now turns to the Consumer Price Index (CPI) data released on Thursday, with recent data showing inflation retreating after an unexpected rebound at the beginning of the year.
Fed Chairman Powell will also deliver his semi-annual monetary policy testimony to the House Financial Services Committee on this trading day, and investors also need to pay attention. In addition, pay attention to news related to the geopolitical situation.
[Technical side]
Gold adjusted the daily line to alternate between red and green, and the lower edge of the trend 2350 is still a strong support. The daily closing line still broke the lower edge of 2350, and stood above 2360 at the closing line. The daily trend was relatively standard yesterday, and the MA7-day moving average and the 10-day moving average stopped again and counterattacked and closed at a high level. The moving average has now moved up to 2359/2351, and it still remains open upward. The RSI indicator daily chart still remains above the middle axis. The lower edge support 2350 of the short-term four-hour chart is still valid.
Asian trading strategy:
Short-term gold 2351-2353 long, stop loss 2342, target 2370-2380;
Short-term gold 2370-2372 short, stop loss 2382, target 2350-2360;
Note: The above strategy was updated on July 10. 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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