Monday Market Analysis and Signals
Gold fluctuated at a high level on Monday, and the current price is around 2586. Gold prices rose sharply last Friday, hitting a record high of 2586, with the largest weekly increase since early April. Optimism about the Fed's upcoming rate cut has driven gold prices higher, and capital inflows and the decline of the US dollar have also played a catalytic role. The latest data shows that market expectations for the Fed's 50 basis point rate cut in September have also heated up.
Gold has been one of the best performing commodities among major commodities this year. So far this year, gold has risen by more than 20%, thanks to expectations of Fed rate cuts, strong central bank purchases and strong purchases in Asia. The safe-haven demand brought about by the increased geopolitical risks and uncertainty before the US election in November has also supported gold's record gains this year.
Super central bank week will debut this week, and the Federal Reserve, the Bank of Japan and the United Kingdom will release their September interest rate decisions. The market generally expects this to be the starting point of the Fed's easing cycle. According to historical trends, gold prices tend to fluctuate higher before the Fed cuts interest rates, but after the Fed cuts interest rates, gold prices will usher in a wave of declines, and investors need to be vigilant.
Technical aspect
Technical aspect: The gold daily and weekly structure maintains a bullish trend. The MA10/7-day moving average of the daily chart maintains a golden cross and opens upward. The MACD kinetic energy column increases in volume. The price of the short-term four-hour chart forms 8 consecutive positives and ushered in a new historical high again. The price is running in the upper and middle track of the Bollinger band, and the moving average opens upward. However, the RSI indicator of the hourly and four-hour charts touches above 80 values, entering overbought, and beware of the short-term correction demand for gold prices. The trading idea at the beginning of the week is to follow the trend and go long at low prices.
Trading strategy:
2570-2572 long, stop loss 2560, target 2590-2600;
2598-2600 short, stop loss 2610, target 2580-2570;
Gold has been one of the best performing commodities among major commodities this year. So far this year, gold has risen by more than 20%, thanks to expectations of Fed rate cuts, strong central bank purchases and strong purchases in Asia. The safe-haven demand brought about by the increased geopolitical risks and uncertainty before the US election in November has also supported gold's record gains this year.
Super central bank week will debut this week, and the Federal Reserve, the Bank of Japan and the United Kingdom will release their September interest rate decisions. The market generally expects this to be the starting point of the Fed's easing cycle. According to historical trends, gold prices tend to fluctuate higher before the Fed cuts interest rates, but after the Fed cuts interest rates, gold prices will usher in a wave of declines, and investors need to be vigilant.
Technical aspect
Technical aspect: The gold daily and weekly structure maintains a bullish trend. The MA10/7-day moving average of the daily chart maintains a golden cross and opens upward. The MACD kinetic energy column increases in volume. The price of the short-term four-hour chart forms 8 consecutive positives and ushered in a new historical high again. The price is running in the upper and middle track of the Bollinger band, and the moving average opens upward. However, the RSI indicator of the hourly and four-hour charts touches above 80 values, entering overbought, and beware of the short-term correction demand for gold prices. The trading idea at the beginning of the week is to follow the trend and go long at low prices.
Trading strategy:
2570-2572 long, stop loss 2560, target 2590-2600;
2598-2600 short, stop loss 2610, target 2580-2570;
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