Fundamental analysis
Gold prices were basically with little fluctuation on Tuesday, at $1806.28 per ounce in late trading, as the strengthening of the U.S. dollar offset the support from bets that the Fed is unlikely to tighten monetary policy immediately. Last month, the US Consumer Price Index (CPI) recorded its biggest increase in 13 years. The US CPI rose 0.9% in June. Some analysts said that the data is unlikely to prompt the Federal Reserve to tighten monetary policy quickly, thus providing some support for gold prices. Securities strategists believe that stronger inflation data will definitely strengthen the Fed’s pricing and may make people remember that the price reduction will come sooner rather than later, which continues to indicate that there is no incentive to buy gold. At the same time, this is in recent weeks, the price of gold has digested the argument, and the position is very clean. Therefore, gold may not weaken significantly because of this, but it continues to be weak on the upside.
Technical analysis
The daily gold price closed with a doji, and it rose to around 1816 yesterday, piercing Fibo 38.2, but was quickly pushed back below the resistance level by the upper rail, and finally the price of gold closed at around 1806. The Bollinger Band mouth gradually shrinks towards the middle track, the MACD upward momentum increases and the RSI approaches 50. The 4-hour-level Bollinger Bands tightened towards the middle track, and the MACD top divergence trend continued, but the downward movement slows down, and there is still a slight impulse higher momentum today.
Today’s strategy
Long position 1792, take profit 1798, stop loss 1787
Short position 1814, take profit 1802, 1793, stop loss 1825
Gold prices were basically with little fluctuation on Tuesday, at $1806.28 per ounce in late trading, as the strengthening of the U.S. dollar offset the support from bets that the Fed is unlikely to tighten monetary policy immediately. Last month, the US Consumer Price Index (CPI) recorded its biggest increase in 13 years. The US CPI rose 0.9% in June. Some analysts said that the data is unlikely to prompt the Federal Reserve to tighten monetary policy quickly, thus providing some support for gold prices. Securities strategists believe that stronger inflation data will definitely strengthen the Fed’s pricing and may make people remember that the price reduction will come sooner rather than later, which continues to indicate that there is no incentive to buy gold. At the same time, this is in recent weeks, the price of gold has digested the argument, and the position is very clean. Therefore, gold may not weaken significantly because of this, but it continues to be weak on the upside.
Technical analysis
The daily gold price closed with a doji, and it rose to around 1816 yesterday, piercing Fibo 38.2, but was quickly pushed back below the resistance level by the upper rail, and finally the price of gold closed at around 1806. The Bollinger Band mouth gradually shrinks towards the middle track, the MACD upward momentum increases and the RSI approaches 50. The 4-hour-level Bollinger Bands tightened towards the middle track, and the MACD top divergence trend continued, but the downward movement slows down, and there is still a slight impulse higher momentum today.
Today’s strategy
Long position 1792, take profit 1798, stop loss 1787
Short position 1814, take profit 1802, 1793, stop loss 1825