Gold is in a tug-of-war again

5 天前

The oscillating pattern under the tug-of-war between gold risk aversion and the dollar
News: The interweaving of long and short factors has caused gold to fall into a tug-of-war
Positive factors:
Trump's new tariff policy: The United States will impose a 25% tariff on Japanese and Korean goods from August 1, and US stocks fell in response. The market's risk aversion sentiment has increased, and the price of gold has rebounded from a low of 3296 points to 3345 points.
The central bank continues to buy gold: The People's Bank of China continued to increase its gold holdings in June, buying for the eighth consecutive month, which has long supported the price of gold.
The long-term weakness of the US dollar: Although the US dollar index has strengthened in the short term, it has fallen 10% this year, close to a three-and-a-half-year low. Gold is still attractive as an anti-inflation asset.

Negative factors:
The US dollar has strengthened in the short term: Boosted by strong non-agricultural data, the US dollar index rebounded to 97.67, suppressing gold buying (especially non-US currency holders).
Geopolitical risks have cooled: There has been no major conflict in the international situation recently, and the demand for safe havens has declined. The rise in gold prices lacks sustainability.

Personal opinion:
Gold is currently in the game stage of "safe-haven support level vs. US dollar suppression level", and the short-term trend depends on the market's expectations of the Fed's policies and trade frictions. If the US dollar continues to rebound, gold prices may be under pressure; but if US economic data weakens or geopolitical risks reappear, gold prices may break through the range of fluctuations.

Technical aspect: shock narrowing, direction to be broken
Daily level: range fluctuations (3295-3345), moving average adhesion, unclear trend, need to wait for breakthrough signals.
Key points:
Resistance level: 3345 (multiple highs fall back, break through to see 3400).
Support level: 3295-3300 (break through may fall to 3270-3260).

4-hour chart: MACD golden cross is fragile. If the price falls below 3320, it may turn into a dead cross, exacerbating the risk of a pullback.
Weakness of hourly chart: K-line is under pressure from the short-term moving average. If the rebound in the early trading is weak, it may continue to fluctuate downward.

Personal strategy:
Short-term bearish: Before the effective breakthrough of 3345, you can lightly hold short orders, and wait for the price to rebound to 3320-3330 before testing short orders, with the target at 3300-3295.
Bull opportunity: It may pull back to the support area of ​​3290-3295 to stabilize, and you can arrange long orders.

Summary and operation suggestions
Core logic: Gold is stuck in the deadlock of "news disturbance + technical shock", and we need to be wary of false breakthroughs.
Key points: Upward breakthrough: If it stands firm at 3345, it will look to 3400. Downside risk: If it loses 3295, it may test the support of 3270-3260.
Subjective tendency: In the short term, it is more inclined to bearish volatility, because the dollar is strong and the sustainability of risk aversion is questionable. However, if the Fed releases dovish signals or US stocks fall sharply, gold may reverse quickly.

4 天前

交易進行

Yesterday, gold continued to fall to 3287 due to the news. Although it recovered during the US trading session, it fell back to 3284 under pressure again during the Asian session today, confirming the dominance of the bears. From the technical structure, the hourly chart shows that the price is running along the downward channel. It is currently testing the support of the lower track of the channel and then rebounding, but it faces the dual pressure of the 3300 integer mark and the 3310 middle track. If the rebound fails to effectively break through and stand above 3310, the overall weak consolidation pattern will remain. The key support focuses on the 3284-3280 area. Once it falls below, it will open up further downward space to the 3260-3250 mark.
Operation strategy suggests maintaining a high-altitude mentality, paying attention to the exhaustion signal of the rebound momentum in the 3300-3310 area, and choosing the opportunity to arrange short orders. If it effectively falls below the 3280 support, you can consider chasing short operations. It should be noted that any rebound in a weak market should be regarded as a new entry opportunity, and a stop loss should be strictly set above 3310 to control risks.