XAUUSD Gold trade analysis

Yesterday, gold had a sharp decline. The Asian market rose slightly, the European market began to fall, and the US market refreshed a recent low of 2,319 US dollars. However, it stabilized and returned to around 2,350 again. Finally, the gold price closed at 2,333 US dollars. The daily line Closed on a negative line.
Stronger-than-expected inflation data in the U.S. last night weakened expectations of an early interest rate cut in the U.S., and the U.S. dollar and government bond yields strengthened. In addition, the minutes of the Federal Reserve meeting in the early morning showed that high interest rates may need to be maintained for a longer period, which also put pressure on gold prices. However, geopolitical tensions in the Middle East Concerns about the situation still provide some support for gold prices.
During the day, gold continues to focus on the short-term pressure near 2350. Although the current market has rebounded, the overnight situation also shows that the power of the bulls is weakening. Even if they want to continue to rebound, the price the bulls will pay will be very high, so it is not worth the bullish position. To maintain the strong rise, we should pay attention to the risk that bulls may sell off short-term profits. Then the current rebound may become an opportunity for short-term bulls to take the opportunity to leave the market. At the bottom of the day, we will continue to focus on the competition around 2330-20. On the hourly chart, we also expect the market to retrace to the 2305-00 area to confirm the effectiveness of the support.

Comment:

active trade

Comment:

active trade

Comment:

active trade

Comment:

active trade

Comment:

active trade