GOLD Continued to Fall?
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2408(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ "Black Friday" is really different! Gold continues to fall! There is no chance of rebound at all! However, the integer of 2400 is a strong support level! Following the trend, gold is expected to continue to fall! There is a chance to reach around 2390! If it rebounds around 2415, you can choose to continue to enter the sell order! The target is 2395!
2.
In the news, the market's expectation of a Fed rate cut in September is as high as 98%, which has supported the price of gold to some extent. Recent statements by Fed Chairman Powell have also boosted market confidence that inflation is returning to target. However, if next week's release of U.S. GDP data shows a slowdown in economic activity, gold prices could get a boost and potentially rally to recent highs.
The modest strengthening of the US dollar has put immediate pressure on gold. A rise in the value of the US dollar tends to lead to pressure on the price of gold in US dollar terms. In addition, the rise in 10-year U.S. Treasury yields has also had a negative impact on gold prices. The attractiveness of gold as a non-yielding asset usually increases in a low interest rate environment, but when bond yields rise, investors may turn to the bond market, thus reducing demand for gold.
3.
Gold this week technical analysis: gold this week before the lateral shock, after a period of time to pull up, and now become a weak down market. Time for space to see, the current daily triple-negative trend of dark clouds, recently fell to cover all the gains this week, the same weekly has turned weak, strong support in the vicinity of 2380.
I do not recommend blindly enter the sell order, is expected to exist reversal correction in the accumulation of momentum! Rebound correction and technical adjustments and then choose the opportunity to enter the sell order! Above the short-term focus on 2415-2420 resistance! Strategy: Sell:2414-2417 TP:2400-2395 SL:2423
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