Gold is under pressure. Will the trend change?Information summary:
The easing of tensions in the Middle East is the main reason for the suppression of gold. Risk aversion has weakened, and the market has entered a risk-taking mode. Gold prices are well supported near $3,300.
Powell released an important signal: The market expected Powell to strongly refute the possibility of a rate cut, but he remained on the sidelines. The market still generally believes that the July 29-30 meeting is unlikely to initiate a rate cut, and the first rate cut is expected to be in September.
Market analysis:
Gold has fallen for seven consecutive weeks, which has changed the current bull structure in stages, so there is no doubt that gold is expected to fall back as a whole. The early decline was near 3355, which is the current long-short watershed of gold. As long as the adjustment does not break through the 3355 position, the overall short-term adjustment pattern of gold will not change.
The early Asian market did not continue to retreat, but the short-term rebound had a long buying force accumulation, but as long as it did not break through 3355, the market trend was still weak, and it was adjusted by low-level shock correction. Today, there is a high probability of movement around the falling range. The short-term support below is around 3290. If this position is lost, it may touch the turning point around 3275.
Operation strategy:
Go long when the price falls back to around 3315, stop loss at 3305, and profit range 3345-3350.
