Since the last Federal Reserve meeting, market sentiment has officially shifted from "cutting" to "hiking," changing from expecting two rate cuts earlier this year to now possibly one rate hike before year-end. After last Friday's Non-farm payroll release, the US Dollar Index strengthened sharply, causing gold prices to quickly lose support at 4380(2)!
In terms of trading, continuing from the previous two analyses, after the support at 4380 was cleared, the current trading range can be set between 4092-4392(3).
This week, the market is expected to continue digesting the positive aftermath of the Non-farm data, with a slight rebound followed by another dip. The US will release inflation data on Wednesday; after this, market sentiment on rate hikes may rise, so attention is required! For risk management, if the daily chart closes back above 4400(4), it will be a stop-loss signal for short positions.
In terms of trading, continuing from the previous two analyses, after the support at 4380 was cleared, the current trading range can be set between 4092-4392(3).
This week, the market is expected to continue digesting the positive aftermath of the Non-farm data, with a slight rebound followed by another dip. The US will release inflation data on Wednesday; after this, market sentiment on rate hikes may rise, so attention is required! For risk management, if the daily chart closes back above 4400(4), it will be a stop-loss signal for short positions.
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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.