Analysis of gold price trend on Thursday
Güncellendi
In the early Asian session on Thursday, spot gold fluctuated in a narrow range and is now around $2,468. From a fundamental perspective, there is no obvious negative news. The decline in gold prices is likely due to profit-taking by bulls. Relatively speaking, this week, Fed officials continued to make dovish speeches, the latest US real estate data also performed poorly, the Fed's Beige Book showed that companies expect future growth to slow, the labor market continued to be weak, the US dollar index fell to a new low in nearly four months, and US Treasury yields continued to weaken. These have limited the short-term correction space for international gold and are expected to provide opportunities for gold prices to rise further.
Gold prices fell below all-time highs as growing optimism about the Federal Reserve's September rate cut and a weaker dollar boosted demand for gold. Despite the decline in the dollar and U.S. Treasury yields, gold prices still pulled back, mainly driven by investors taking profits. Lower interest rates reduce the opportunity cost of holding non-yielding gold and put pressure on the dollar, making gold cheaper for investors holding other currencies.
This trading day focuses on changes in the number of initial jobless claims in the United States, pays attention to the European Central Bank's interest rate decision, the July Philadelphia Fed Manufacturing Index, and pays attention to news related to the geopolitical situation and the U.S. election.
[Technical side]
The MA10/7-day moving average of gold on the daily chart has moved up to 2413/20, and the RSI indicator is running at a high value of 70. The price on the four-hour chart has always maintained the upper and middle rails of the Bollinger Bands. The RSI indicator formed a top divergence yesterday. The RSI indicator did not reach a synchronous high point with the new high of the price. This is also the main reason for the firm high-altitude of the US market yesterday. In the short term, it is not ruled out that gold will adjust in advance after the new high. Today and in the future, low-long transactions will only be changed to short-term participation, and relatively high-altitude gold transactions will try to layout bands and mid-term!
Asian trading strategy:
Short-term gold 2450-2453 long, stop loss 2442, target 2470-2480;
Short-term gold 2475-2478 short, stop loss 2486, target 2460-2450;
Note: The above strategy was updated on July 18. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, and the NY time signal is waiting for update
Gold prices fell below all-time highs as growing optimism about the Federal Reserve's September rate cut and a weaker dollar boosted demand for gold. Despite the decline in the dollar and U.S. Treasury yields, gold prices still pulled back, mainly driven by investors taking profits. Lower interest rates reduce the opportunity cost of holding non-yielding gold and put pressure on the dollar, making gold cheaper for investors holding other currencies.
This trading day focuses on changes in the number of initial jobless claims in the United States, pays attention to the European Central Bank's interest rate decision, the July Philadelphia Fed Manufacturing Index, and pays attention to news related to the geopolitical situation and the U.S. election.
[Technical side]
The MA10/7-day moving average of gold on the daily chart has moved up to 2413/20, and the RSI indicator is running at a high value of 70. The price on the four-hour chart has always maintained the upper and middle rails of the Bollinger Bands. The RSI indicator formed a top divergence yesterday. The RSI indicator did not reach a synchronous high point with the new high of the price. This is also the main reason for the firm high-altitude of the US market yesterday. In the short term, it is not ruled out that gold will adjust in advance after the new high. Today and in the future, low-long transactions will only be changed to short-term participation, and relatively high-altitude gold transactions will try to layout bands and mid-term!
Asian trading strategy:
Short-term gold 2450-2453 long, stop loss 2442, target 2470-2480;
Short-term gold 2475-2478 short, stop loss 2486, target 2460-2450;
Note: The above strategy was updated on July 18. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, and the NY time signal is waiting for update
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