Market status: intertwined bullish and bearish factors, gold prices are under pressure and fluctuate
Negative factors:
The easing of US-China tariff negotiations and potential progress in the situation between Russia and Ukraine weakened the demand for safe-haven assets.
Although the US dollar index was weak, it failed to boost the momentum of gold's rebound.
Potential positives:
Expectations of Fed rate cuts have increased (market pricing for the first cut in September, a total of 53 basis points in 2025).
If the US PPI data on Thursday confirms the slowdown in inflation, it may strengthen expectations of easing.
Technical analysis: The battle for key positions determines the direction
Short-term structure:
Support: 3220-3215 (intraday key) → If it fails, it will drop to the psychological level of 3200 → Further break to see 3167 (0.618 retracement level).
Resistance: 3260 (may test 3270-3280 after breakthrough) → 3300 (Bollinger middle rail suppression).
Pattern: Daily potential W bottom (3200 stabilizes and looks up to 3400) or M top (break 3200 and look down to 3160).
Indicator signal:
Weekly: Wide range of shocks continues.
4 hours: Converging triangle pattern is close to breaking, and direction may be selected in the evening.
Operation strategy: Sell high and buy low within the range, follow the break
Bull strategy: Stabilize and go long in the 3200-3215 area, target 3260, stop loss below 3190.
Short strategy: Short near 3240, look down to 3220-3215, stop loss 3250.
Follow up after the break:
Break up 3260 and chase long, target 3280-3300.
Break down 3200 and follow the short position to 3180-3167, and reverse the layout of the medium-term long order.
Risk warning: PPI data and geopolitical events may cause fluctuations, and strict risk control is required.
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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.