After last week's intense volatility, this week's market sentiment diverged significantly, with different categories performing differently. In addition, as the month is coming to an end, market risk appetite is reduced, so it is necessary to be cautious.
We still need to pay attention to economic data this week, because we need to observe the prospects for US economic development through data, and another thing is inflation, which the market and the Federal Reserve are concerned about.
Last Friday, the world's largest gold ETF added 20.08 tons of positions at one time, which was the eighth consecutive increase. This kind of continuity is relatively rare. In theory, it is a positive support for gold prices, but the increase and decrease of ETFs is more viewed from a medium- and long-term perspective.
The initial pressure on the intraday gold price is around $3,026, and the further pressure is around $3,035. The strong pressure or the long-short dividing point is at the high point of $3,040. The current rebound is slightly stronger, and it may be the first to continue the rebound.
The primary support below the day is around $3005. After breaking down, further support is at $2995. If the first retracement is near this level, you can intervene and buy. The rebound target price is around $3020. As for whether the rise can continue? It must stand firmly above $3040. Below this level, there is a risk of retracement at any time.
BUY: 3005 Stop loss: 2995
TP1:15
TP2:25
TP3:35
SELL:3040 Stop loss: 48
TP1:30
TP2:20
We still need to pay attention to economic data this week, because we need to observe the prospects for US economic development through data, and another thing is inflation, which the market and the Federal Reserve are concerned about.
Last Friday, the world's largest gold ETF added 20.08 tons of positions at one time, which was the eighth consecutive increase. This kind of continuity is relatively rare. In theory, it is a positive support for gold prices, but the increase and decrease of ETFs is more viewed from a medium- and long-term perspective.
The initial pressure on the intraday gold price is around $3,026, and the further pressure is around $3,035. The strong pressure or the long-short dividing point is at the high point of $3,040. The current rebound is slightly stronger, and it may be the first to continue the rebound.
The primary support below the day is around $3005. After breaking down, further support is at $2995. If the first retracement is near this level, you can intervene and buy. The rebound target price is around $3020. As for whether the rise can continue? It must stand firmly above $3040. Below this level, there is a risk of retracement at any time.
BUY: 3005 Stop loss: 2995
TP1:15
TP2:25
TP3:35
SELL:3040 Stop loss: 48
TP1:30
TP2:20
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