Analysis of gold price trend on Friday
تم تحديثه
At the beginning of the Asian market on Friday, gold fluctuated within a narrow range, now around 2408. Gold prices jumped more than 2% on Thursday, breaking through $2,400 and hitting as high as $2,424, a new high since May 22, as previous data showed that U.S. consumer prices unexpectedly fell in June, boosting bets that the Federal Reserve will cut interest rates.
The slowdown in CPI data has reduced market expectations for future inflation. Against the backdrop of declining inflation expectations, gold's appeal as a traditional safe-haven asset has been significantly enhanced. Investors have poured into the gold market, driving up gold prices. It has also affected the market's expectations for the Federal Reserve's monetary policy. The market generally believes that the possibility of the Federal Reserve cutting interest rates at its September meeting has increased, which will put pressure on the U.S. dollar and further enhance the appeal of gold.
In addition, market expectations for a ceasefire agreement between Israel and Gaza have cooled, which has also provided rising momentum for gold prices. This trading day will focus on the US June PPI data and the initial value of the University of Michigan Consumer Confidence Index in July, and pay attention to news related to the geopolitical situation.
[Technical side]
The price of gold in the short-term four-hour chart extends the MA10-day moving average high point upward, and the moving average remains open upward, but the RSI indicator is close to 80, and the value is at the same high level as the short-term hourly chart RSI indicator, and there is a need for technical correction. Gold has completed the expected CPI, and the gold and silver bulls have risen strongly, and the 2400 mark has been fought again, gradually approaching the previous historical high. Friday's trading still maintains the overall trend and the idea of participating in low-long remains unchanged. The rhythm rises after a correction during the day, and the European and American markets pay attention to the second rise and fall.
Asian trading strategy:
Short-term gold 2400-2402 long, stop loss 2391, target 2420-2430;
Short-term gold 2422-2424 short, stop loss 2433, target 2400-2390;
Note: The above strategy was updated on July 12. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release, NY time strategy is waiting for update
The slowdown in CPI data has reduced market expectations for future inflation. Against the backdrop of declining inflation expectations, gold's appeal as a traditional safe-haven asset has been significantly enhanced. Investors have poured into the gold market, driving up gold prices. It has also affected the market's expectations for the Federal Reserve's monetary policy. The market generally believes that the possibility of the Federal Reserve cutting interest rates at its September meeting has increased, which will put pressure on the U.S. dollar and further enhance the appeal of gold.
In addition, market expectations for a ceasefire agreement between Israel and Gaza have cooled, which has also provided rising momentum for gold prices. This trading day will focus on the US June PPI data and the initial value of the University of Michigan Consumer Confidence Index in July, and pay attention to news related to the geopolitical situation.
[Technical side]
The price of gold in the short-term four-hour chart extends the MA10-day moving average high point upward, and the moving average remains open upward, but the RSI indicator is close to 80, and the value is at the same high level as the short-term hourly chart RSI indicator, and there is a need for technical correction. Gold has completed the expected CPI, and the gold and silver bulls have risen strongly, and the 2400 mark has been fought again, gradually approaching the previous historical high. Friday's trading still maintains the overall trend and the idea of participating in low-long remains unchanged. The rhythm rises after a correction during the day, and the European and American markets pay attention to the second rise and fall.
Asian trading strategy:
Short-term gold 2400-2402 long, stop loss 2391, target 2420-2430;
Short-term gold 2422-2424 short, stop loss 2433, target 2400-2390;
Note: The above strategy was updated on July 12. 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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