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[Bitop Exchange Market Watch] Gold Prices Pull Back Sharply, Testing Resistance Near $2400

2024年07月09日发布

Gold Fundamental Analysis:


On Tuesday (July 9th), spot gold prices fluctuated narrowly in early Asian trading, currently trading around $2362.22 per ounce. Gold prices fell more than 1% on Monday, closing at $2358.98 per ounce, basically giving back all of Friday's gains as stock market risk appetite returned and investors took profits after the previous day's surge on expectations that the Federal Reserve may cut interest rates in September.


On Monday, the Nasdaq and S&P 500 indexes hit record highs, and investor risk appetite rose, causing some funds to flow out of the gold market and depressing gold prices.


Last week's U.S. June nonfarm payrolls data showed a slowdown in the job market, and now the market is focusing on the June Consumer Price Index (CPI) to be released this Thursday (July 11th), which will directly affect the Fed's rate cut expectations. Currently, the probability of a Fed rate cut in September is expected to be around 73%, which will also have a significant impact on gold prices.


Gold Technical Analysis:


From the daily chart of spot gold, gold is under pressure but not bearish. Gold prices continue to develop above all of its moving averages, with the 20-day simple moving average (SMA) losing directional strength and holding above the bullish 100-day SMA and 200-day SMA. Meanwhile, technical indicators are turning lower, although they remain in positive territory, but still have downside momentum.


On the 4-hour chart of spot gold, the outlook is bearish. Gold prices fell sharply during Monday's session, causing it to fall below the currently flat 20-period SMA, while the 100-period SMA and 200-period SMA are located near $2330 per ounce. Bearish candlesticks show strong selling interest, and technical indicators are almost vertical downwards and crossing the midline into negative territory, suggesting that gold prices will experience another wave of decline. Bulls may reappear when gold prices approach the $2330 per ounce level, and once it falls below that level, it may herald a further decline towards the $2300 per ounce mark.


Overall, the suggested trading strategy for gold today is to mainly sell on rallies and buy on dips, with short-term resistance at 2370-2375 and short-term support at 2335-2325.


Gold Resistance: 2370, 2380, 2390, 2400

Gold Support: 2345, 2330, 2320, 2315

 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.