Analysis of gold price trend on Friday
Gold fluctuated in a narrow range in early Asian trading on Friday and is currently trading around 2323. Gold prices rose $30 from their lows on Thursday. As the dollar weakened, the market focus turned to key US inflation data for clues about the direction of Fed policy.
The number of Americans filing for unemployment benefits fell last week, but continuing claims jumped to the highest level in two and a half years in mid-June, suggesting that labor market conditions are loosening amid slowing economic growth. Other data released on Thursday highlighted weakening economic momentum, with business equipment spending falling in May and a widening goods trade deficit due to falling exports. The series of weak data increased the likelihood of a rate cut by the Federal Reserve in September after a sharp slowdown in economic growth in the first quarter.
The weak economic data supported expectations that the Federal Reserve will start cutting interest rates this year, putting pressure on the dollar, and gold prices rose sharply by nearly $30 after a sharp drop in the previous trading day. On Friday, investors will usher in the most important economic data of the week, the U.S. PCE inflation data, which is expected to cause sharp market fluctuations.
Friday is still based on the idea of wide range fluctuation. Technically, the daily line still maintains the discontinuous red and green alternating pattern, and the price returns to the MA10 daily moving average position of 2328, but the daily moving average does not form a golden cross and open volume, and the RSI indicator is still flat above the central axis. Similarly, the weekly line suppresses the MA10 daily moving average position of 2335, and the monthly line has the highest probability of closing at the cross line. Today's trading of gold will first see whether the long-short watershed of 2330 can stand firm!
Asian trading strategy:
Short-term gold 2310-2312 long, stop loss 2300, target 2330-2340;
Short-term gold 2330-2333 short, stop loss 2341, target 2310-2300;
Note: The above strategy was updated on June 28. This strategy is an Asian strategy, please pay attention to the validity period of the strategy, the US market strategy is waiting for update
The number of Americans filing for unemployment benefits fell last week, but continuing claims jumped to the highest level in two and a half years in mid-June, suggesting that labor market conditions are loosening amid slowing economic growth. Other data released on Thursday highlighted weakening economic momentum, with business equipment spending falling in May and a widening goods trade deficit due to falling exports. The series of weak data increased the likelihood of a rate cut by the Federal Reserve in September after a sharp slowdown in economic growth in the first quarter.
The weak economic data supported expectations that the Federal Reserve will start cutting interest rates this year, putting pressure on the dollar, and gold prices rose sharply by nearly $30 after a sharp drop in the previous trading day. On Friday, investors will usher in the most important economic data of the week, the U.S. PCE inflation data, which is expected to cause sharp market fluctuations.
Friday is still based on the idea of wide range fluctuation. Technically, the daily line still maintains the discontinuous red and green alternating pattern, and the price returns to the MA10 daily moving average position of 2328, but the daily moving average does not form a golden cross and open volume, and the RSI indicator is still flat above the central axis. Similarly, the weekly line suppresses the MA10 daily moving average position of 2335, and the monthly line has the highest probability of closing at the cross line. Today's trading of gold will first see whether the long-short watershed of 2330 can stand firm!
Asian trading strategy:
Short-term gold 2310-2312 long, stop loss 2300, target 2330-2340;
Short-term gold 2330-2333 short, stop loss 2341, target 2310-2300;
Note: The above strategy was updated on June 28. This strategy is an Asian strategy, please pay attention to the validity period of the strategy, the US market strategy is waiting for update
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The actual trading volume of COMEX gold futures shows that there are more buying orders at the position corresponding to the spot price of gold at 2324, which may be the short-term support level of gold, supporting the continued rise of gold
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The next target for gold is 2340~2345
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Recently, the market has increased its bets on the Fed's interest rate cut. The US dollar has suffered a blow. Today, we started to go long in one direction in the London market. Welcome to check my work
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