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💡Message Strategy
The gold market was volatile this week, and gold prices ultimately closed lower for the week.
Gold prices have failed to stabilize above $3,400 an ounce after a bullish breakout. The technical outlook highlights the recent indecision of gold bulls. Looking ahead to next week, the Fed's policy statement and US-China trade talks could trigger the next big move for gold.
These important factors may trigger the market next week
1. The Fed will announce its monetary policy decision after its policy meeting on July 29-30.
Before the Fed meeting, the U.S. Bureau of Economic Analysis will release its first estimate of annualized growth in gross domestic product (GDP) in the second quarter.
2. Next Friday, the U.S. Bureau of Labor Statistics will release the July employment report.
If the non-farm payrolls (NFP) increase by more than 100,000, it may indicate that the labor market is in good enough condition for the Fed to prioritize controlling inflation and support the dollar when making policies.
If the new non-farm payrolls data reaches or falls below 70,000, the dollar may find it difficult to find demand before the end of next week and help gold gain bullish momentum.
3. Market participants will be closely watching the headlines of the US-China negotiations.
If the two sides make further progress in trade and economic relations, risk flows may dominate the actions of financial markets, making it difficult for gold to find demand.
📊Technical aspects
The short-term technical outlook highlights the hesitation among gold buyers. The daily chart shows that the relative strength index (RSI) remains just below 50, and gold is struggling to move away from both the 20-day simple moving average (SMA) and the 50-day SMA after breaking above both levels earlier this week.
If the price of gold falls to the key support level of $3,310 and fails to break down (trend line support/Fibonacci 61.8% retracement level), it will force a large number of shorts to exit the market and may further test the $3,340 range (psychological level/Fibonacci 76.4% retracement level).
Combined with the current trend, the downward momentum of gold has weakened, and it is seeking support to restart the long position
💰Strategy Package
Long Position:3310-3320，SL：3290，Target: 3340
💡Message Strategy
The gold market was volatile this week, and gold prices ultimately closed lower for the week.
Gold prices have failed to stabilize above $3,400 an ounce after a bullish breakout. The technical outlook highlights the recent indecision of gold bulls. Looking ahead to next week, the Fed's policy statement and US-China trade talks could trigger the next big move for gold.
These important factors may trigger the market next week
1. The Fed will announce its monetary policy decision after its policy meeting on July 29-30.
Before the Fed meeting, the U.S. Bureau of Economic Analysis will release its first estimate of annualized growth in gross domestic product (GDP) in the second quarter.
2. Next Friday, the U.S. Bureau of Labor Statistics will release the July employment report.
If the non-farm payrolls (NFP) increase by more than 100,000, it may indicate that the labor market is in good enough condition for the Fed to prioritize controlling inflation and support the dollar when making policies.
If the new non-farm payrolls data reaches or falls below 70,000, the dollar may find it difficult to find demand before the end of next week and help gold gain bullish momentum.
3. Market participants will be closely watching the headlines of the US-China negotiations.
If the two sides make further progress in trade and economic relations, risk flows may dominate the actions of financial markets, making it difficult for gold to find demand.
📊Technical aspects
The short-term technical outlook highlights the hesitation among gold buyers. The daily chart shows that the relative strength index (RSI) remains just below 50, and gold is struggling to move away from both the 20-day simple moving average (SMA) and the 50-day SMA after breaking above both levels earlier this week.
If the price of gold falls to the key support level of $3,310 and fails to break down (trend line support/Fibonacci 61.8% retracement level), it will force a large number of shorts to exit the market and may further test the $3,340 range (psychological level/Fibonacci 76.4% retracement level).
Combined with the current trend, the downward momentum of gold has weakened, and it is seeking support to restart the long position
💰Strategy Package
Long Position:3310-3320，SL：3290，Target: 3340
Trade active
Gold plunges to welcome super week, and the bull-bear game ends on the monthly line!
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
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.
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
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.