Today's important range of gold price: 3280-3300
As shown in Figure 4h:
Important shock area: blue channel, this color band is an important shock area: 3220-3300
After understanding this channel, gold trading will become very simple:
1: Gold price is above 3280-3300, buy on dips
2: Gold price enters the blue channel area, and there is a high probability of wide fluctuations: 3300-3220. In this range, short on highs and buy on lows.
3: If it falls below the 3200-3220 range, the gold price is likely to turn downward.
The overall pattern is still a macro triangle convergence shock.
Fundamentals: At the beginning of this week, gold prices were blocked and began to fluctuate and adjust. The reason is that one of the factors that supported the rise in gold prices last week, that is, Trump said that he would impose a 50% tariff on the European Union on June 1, changed this week, easing market concerns about trade uncertainty.
Specifically, Trump said last weekend that the tariff entry date will be postponed to July 9. On Monday, the EU's chief trade representative said he was committed to reaching a trade agreement before the deadline. Influenced by the above news, market risk sentiment improved, driving U.S. stocks up on Tuesday, weakening the safe-haven appeal of gold.
Looking ahead, in addition to the progress of trade negotiations, we also need to pay attention to the impact of geopolitical situations and the Federal Reserve's monetary policy on gold prices. The main news today is the minutes of the Federal Reserve meeting.
As shown in Figure 4h:
Important shock area: blue channel, this color band is an important shock area: 3220-3300
After understanding this channel, gold trading will become very simple:
1: Gold price is above 3280-3300, buy on dips
2: Gold price enters the blue channel area, and there is a high probability of wide fluctuations: 3300-3220. In this range, short on highs and buy on lows.
3: If it falls below the 3200-3220 range, the gold price is likely to turn downward.
The overall pattern is still a macro triangle convergence shock.
Fundamentals: At the beginning of this week, gold prices were blocked and began to fluctuate and adjust. The reason is that one of the factors that supported the rise in gold prices last week, that is, Trump said that he would impose a 50% tariff on the European Union on June 1, changed this week, easing market concerns about trade uncertainty.
Specifically, Trump said last weekend that the tariff entry date will be postponed to July 9. On Monday, the EU's chief trade representative said he was committed to reaching a trade agreement before the deadline. Influenced by the above news, market risk sentiment improved, driving U.S. stocks up on Tuesday, weakening the safe-haven appeal of gold.
Looking ahead, in addition to the progress of trade negotiations, we also need to pay attention to the impact of geopolitical situations and the Federal Reserve's monetary policy on gold prices. The main news today is the minutes of the Federal Reserve meeting.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.