This week, gold rose and fell, rising for two consecutive days on Monday and Tuesday, and falling for three consecutive days from Wednesday to Friday. The weekly line finally closed with a small real body negative line with a long upper shadow.
Gold's trend this week was due to the strengthening of the US dollar and the progress in US-EU trade negotiations, which hit the safe-haven demand, leading to a decline in gold prices.
Next week, focus on multiple time points that may trigger market trends, including the Federal Reserve's decision, non-agricultural data, the August 1 tariff deadline, and the economic and trade talks between Chinese representatives in Sweden and the United States. These events may set the tone for the market in the second half of the year and need to be paid attention to.
At the beginning of this week, we focused on the triangular convergence pattern formed by the high and low points since 3500 points. On Tuesday, gold broke through the pattern upward, but failed to stand firm on Wednesday. Instead, it fell to form a false breakthrough, and on Friday it fell to the lower edge of the triangular convergence range. However, from the perspective of the international futures market, the overall situation is still in the triangular convergence pattern and has not achieved an effective upward breakthrough. Based on this, we need to continue to keep a close eye on the changes in the triangle convergence pattern next week. The direction of its next breakthrough will have an important impact on the short-term trend.
Operation strategy:
Short near 3350, stop loss 3360, profit range 3320-3315. If the price continues to fall, you can hold a small position, and the area near 3300 is likely to be touched.
Gold's trend this week was due to the strengthening of the US dollar and the progress in US-EU trade negotiations, which hit the safe-haven demand, leading to a decline in gold prices.
Next week, focus on multiple time points that may trigger market trends, including the Federal Reserve's decision, non-agricultural data, the August 1 tariff deadline, and the economic and trade talks between Chinese representatives in Sweden and the United States. These events may set the tone for the market in the second half of the year and need to be paid attention to.
At the beginning of this week, we focused on the triangular convergence pattern formed by the high and low points since 3500 points. On Tuesday, gold broke through the pattern upward, but failed to stand firm on Wednesday. Instead, it fell to form a false breakthrough, and on Friday it fell to the lower edge of the triangular convergence range. However, from the perspective of the international futures market, the overall situation is still in the triangular convergence pattern and has not achieved an effective upward breakthrough. Based on this, we need to continue to keep a close eye on the changes in the triangle convergence pattern next week. The direction of its next breakthrough will have an important impact on the short-term trend.
Operation strategy:
Short near 3350, stop loss 3360, profit range 3320-3315. If the price continues to fall, you can hold a small position, and the area near 3300 is likely to be touched.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.