Analysis of gold price trend on Wednesday
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Gold continued to rise on Wednesday, and the current price is around 2526. Gold prices continued to rise by about 0.42% on Tuesday, rising for two consecutive trading days. U.S. Treasury yields continued to weaken, hitting a 15-month low, providing momentum for gold prices to rise; the geopolitical situation remains tense, which also attracts safe-haven buying to support gold.
Currently, market participants are preparing for the release of U.S. inflation data to find further clues on the extent of the Fed's interest rate cut next week. If the core CPI rises by 0.4% or more month-on-month, U.S. Treasury yields may rebound, causing gold to lose its footing. On the other hand, if the data is equal to or lower than market expectations, it may make it difficult for the dollar to attract investors, thereby helping gold to rise.
It should be reminded that the U.S. dollar index fluctuated narrowly on Tuesday, holding on to the gains of the previous two trading days, which made gold bulls still cautious. The market is paying attention to the U.S. presidential candidate debate and inflation data. If Trump wins, the dollar will rise, tariffs may support the dollar, and increased fiscal spending may boost interest rates.
Technical aspect
Gold still maintains a bullish structure, with continuous daily increases. The New York closing price is above the MA10 daily average line of 2506, above the middle axis of the RSI indicator, and above the middle track of the Bollinger band and the 5-day average line of 2510. The short-term four-hour chart shows a continuous positive structure above the 2500 mark, the moving average system golden cross opens upward, and the RSI indicator hooks upward. Technically, gold maintains a bullish structure. The heavy data CPI in the US market needs to focus on the impact on the trend of the gold and silver markets. This data is comparable to the non-agricultural data and even better. At that time, the market volatility will increase.
Trading strategy:
2503-2505 long, target 2520-2530;
2525-2528 short, target 2500-2490;
Check out my profile for more free sharing and profits.
Currently, market participants are preparing for the release of U.S. inflation data to find further clues on the extent of the Fed's interest rate cut next week. If the core CPI rises by 0.4% or more month-on-month, U.S. Treasury yields may rebound, causing gold to lose its footing. On the other hand, if the data is equal to or lower than market expectations, it may make it difficult for the dollar to attract investors, thereby helping gold to rise.
It should be reminded that the U.S. dollar index fluctuated narrowly on Tuesday, holding on to the gains of the previous two trading days, which made gold bulls still cautious. The market is paying attention to the U.S. presidential candidate debate and inflation data. If Trump wins, the dollar will rise, tariffs may support the dollar, and increased fiscal spending may boost interest rates.
Technical aspect
Gold still maintains a bullish structure, with continuous daily increases. The New York closing price is above the MA10 daily average line of 2506, above the middle axis of the RSI indicator, and above the middle track of the Bollinger band and the 5-day average line of 2510. The short-term four-hour chart shows a continuous positive structure above the 2500 mark, the moving average system golden cross opens upward, and the RSI indicator hooks upward. Technically, gold maintains a bullish structure. The heavy data CPI in the US market needs to focus on the impact on the trend of the gold and silver markets. This data is comparable to the non-agricultural data and even better. At that time, the market volatility will increase.
Trading strategy:
2503-2505 long, target 2520-2530;
2525-2528 short, target 2500-2490;
Check out my profile for more free sharing and profits.
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