Wolfinance star analysts believe that although the overall performance of the U.S. economic data released last week was strong, supporting the rise of the US dollar and hindering the rise of gold, the Federal Reserve reiterated that it will cut interest rates three times this year, and investors have high expectations for the Federal Reserve to cut interest rates in June. expectations, which supported the rise of gold. After the price of gold stabilized, it tried to rise again. However, the strong U.S. durable goods orders data released on Tuesday showed that the outlook for U.S. economic growth in the first quarter is still optimistic. This supported the rebound of the U.S. dollar from the intraday low, and gold once Under pressure, it gave up all the gains of the day.
In terms of news, the U.S. durable goods orders data for February released on Tuesday exceeded market expectations, and corporate equipment spending also showed initial signs of recovery, indicating that the U.S. economic growth prospects in the first quarter are still optimistic, and the Federal Reserve will cut interest rates this year. , the outlook for the U.S. manufacturing industry is steadily improving. Affected by this, the U.S. dollar turned from falling to rising, putting pressure on gold. The price of gold fell back after rising, giving up most of the day's gains. The current market focus is on Friday's US PCE data. Investors hope to use inflation data to confirm the timing of the Federal Reserve's interest rate cut. In addition, they also need to pay attention to the subsequent speech by Federal Reserve Chairman Powell.
On the daily chart, although gold fell back from its historical high and recorded a long upper shadow K-line, suggesting that there is pressure to continue to rise, the price of gold has stabilized above the previous historical high of $2,144, and the short-term retracement is limited, and there is still another Opportunities to rise higher. For pressure above gold, focus on the upper track of the 4-hour Bollinger Band at $2,188, followed by the integer position of $2,200. For support below, focus on the middle track of the 4-hour Bollinger Band at $2,172. This is also the low point where the gold price surged higher and fell back on Tuesday. If it fails here, it may weaken in the short term. Pay attention to The 4-hour Bollinger Band is below the track of $2,157. The 5-day moving average golden cross turned slightly downward, the MACD indicator crossed slightly, and the KDJ and RSI indicators turned upward, indicating that the gold price has a strengthening trend after adjustment, but it is suppressed.
Yesterday I said that gold is currently in a divergent form. The price is currently fluctuating upward along the lower trend line, but it has not yet experienced an explosive rise. Regardless of fundamentals or technical aspects, gold is still on the rise. As long as the price does not fall below $2,167, aggressive traders can go long with light positions and set the profit-taking price near $2,200.
In terms of news, the U.S. durable goods orders data for February released on Tuesday exceeded market expectations, and corporate equipment spending also showed initial signs of recovery, indicating that the U.S. economic growth prospects in the first quarter are still optimistic, and the Federal Reserve will cut interest rates this year. , the outlook for the U.S. manufacturing industry is steadily improving. Affected by this, the U.S. dollar turned from falling to rising, putting pressure on gold. The price of gold fell back after rising, giving up most of the day's gains. The current market focus is on Friday's US PCE data. Investors hope to use inflation data to confirm the timing of the Federal Reserve's interest rate cut. In addition, they also need to pay attention to the subsequent speech by Federal Reserve Chairman Powell.
On the daily chart, although gold fell back from its historical high and recorded a long upper shadow K-line, suggesting that there is pressure to continue to rise, the price of gold has stabilized above the previous historical high of $2,144, and the short-term retracement is limited, and there is still another Opportunities to rise higher. For pressure above gold, focus on the upper track of the 4-hour Bollinger Band at $2,188, followed by the integer position of $2,200. For support below, focus on the middle track of the 4-hour Bollinger Band at $2,172. This is also the low point where the gold price surged higher and fell back on Tuesday. If it fails here, it may weaken in the short term. Pay attention to The 4-hour Bollinger Band is below the track of $2,157. The 5-day moving average golden cross turned slightly downward, the MACD indicator crossed slightly, and the KDJ and RSI indicators turned upward, indicating that the gold price has a strengthening trend after adjustment, but it is suppressed.
Yesterday I said that gold is currently in a divergent form. The price is currently fluctuating upward along the lower trend line, but it has not yet experienced an explosive rise. Regardless of fundamentals or technical aspects, gold is still on the rise. As long as the price does not fall below $2,167, aggressive traders can go long with light positions and set the profit-taking price near $2,200.
Comment:
At present, the rise of gold is blocked and it may not be able to break through the resistance level of $2,200 soon. If the price falls back to the lower trend line again, you can go long with a light position.
At present, the gold price is expected to fall back to the rising trend line below the divergence pattern. You can buy long orders near the rising trend line.