Analysis of gold price trend on Tuesday
Updated
Gold fluctuated in a narrow range at highs on Tuesday, and the current price is around 2583. Gold prices rose slightly on Monday, hitting a record high of 2590, helped by a weaker dollar and the expectation that the Federal Reserve will announce a sharp interest rate cut at this week's policy meeting! Although there were some short-term profit-taking of long orders at high levels, the gold price closed near the historical high!
The US dollar index continued to fall on Monday, which continued to provide support for gold prices. However, it should be reminded that if the US dollar index can hold the 100.50 first-line support (the US dollar index has rebounded after receiving support near this position many times in the past year or so), gold may usher in a correction. The global central bank has entered a cycle of interest rate cuts, which also provides support for gold prices. The European Central Bank cut interest rates by 25 basis points last week, although ECB President Lagarde suppressed expectations of lowering borrowing costs again next month.
The "horror data" will be released this trading day-the monthly rate of US retail sales in August, which investors need to pay close attention to. The current market expectation is -0.2%, and the previous value is 1%. This expectation is slightly biased towards supporting gold prices before the data is released. In addition to the "horror data", pay attention to the changes in market expectations for the Fed's decision and news related to the geopolitical situation.
Technical aspect
There has been no major change in the technical aspect. At the beginning of the week, the Asian session rose around 2580. After a small high in the afternoon, there was no large-scale increase. After the overbought in the small cycle four-hour chart and hourly chart, the price formed a high-rise and fell back. The entire trend of the US market formed a 77-90 range adjustment at the high level of the consolidation triangle. It is cold at high places. Although the trend has not changed, we must always pay attention to the emergence of technical callbacks and repairs. Therefore, long-term long positions have turned into short-term long positions, and strict risk control. Pay attention to the break direction of the 77/90 range during the day.
Trading strategy:
2573-2575 long, stop loss 2564, target 2590-2600;
2593-2595 short, stop loss 2606, target 2580-2570;
The US dollar index continued to fall on Monday, which continued to provide support for gold prices. However, it should be reminded that if the US dollar index can hold the 100.50 first-line support (the US dollar index has rebounded after receiving support near this position many times in the past year or so), gold may usher in a correction. The global central bank has entered a cycle of interest rate cuts, which also provides support for gold prices. The European Central Bank cut interest rates by 25 basis points last week, although ECB President Lagarde suppressed expectations of lowering borrowing costs again next month.
The "horror data" will be released this trading day-the monthly rate of US retail sales in August, which investors need to pay close attention to. The current market expectation is -0.2%, and the previous value is 1%. This expectation is slightly biased towards supporting gold prices before the data is released. In addition to the "horror data", pay attention to the changes in market expectations for the Fed's decision and news related to the geopolitical situation.
Technical aspect
There has been no major change in the technical aspect. At the beginning of the week, the Asian session rose around 2580. After a small high in the afternoon, there was no large-scale increase. After the overbought in the small cycle four-hour chart and hourly chart, the price formed a high-rise and fell back. The entire trend of the US market formed a 77-90 range adjustment at the high level of the consolidation triangle. It is cold at high places. Although the trend has not changed, we must always pay attention to the emergence of technical callbacks and repairs. Therefore, long-term long positions have turned into short-term long positions, and strict risk control. Pay attention to the break direction of the 77/90 range during the day.
Trading strategy:
2573-2575 long, stop loss 2564, target 2590-2600;
2593-2595 short, stop loss 2606, target 2580-2570;
Trade active
I hope you followed my signal today, 2574.6 rose to 2587
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