Gold trend turns, 2360 directly long
Updated
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On Wednesday (June 5), despite the strengthening of the US dollar, spot gold still rose by more than $28. Analysts pointed out that the increase in expectations of the Federal Reserve's interest rate cut and the decline in US bond yields provided upward momentum for gold prices. In addition, tensions in the Middle East stimulated gold prices to attract safe-haven buying.
The commander-in-chief of the Iranian Revolutionary Guard Corps warned on Wednesday that Israel would "pay a price" for the air strike launched in Syria on Monday and that Israel must "pay with blood".
Gold prices rose by more than 1% on Wednesday as US economic data was mixed and US Treasury yields fell. The US 10-year Treasury yield fell to its lowest level since April after the ADP employment report released earlier was weaker than expected. The strengthening of the US dollar failed to curb the rise in gold prices. Spot gold closed up $28.45, or 1.22%, at $2,355.11 per ounce on Wednesday.
At present, the outbreak of risk aversion is stronger than the ADP data released last night, and the impact is greater. Therefore, we have been mentioning in the past few days that if the gold price breaks through the strong pressure level of 2,365, the trend will go in the bullish direction next. After the gold price breaks through 2365, the technical bulls are stronger than the bears. The upper pressure is at the 2400 mark, and the previous high of 2450 is even further away.
Therefore, the intraday trading idea is relatively clear. The pressure turns into support. Long orders are placed near 2360, stop loss at 2350, and take profit at 2380.
If you like my analysis, you can leave a message to tell me
On Wednesday (June 5), despite the strengthening of the US dollar, spot gold still rose by more than $28. Analysts pointed out that the increase in expectations of the Federal Reserve's interest rate cut and the decline in US bond yields provided upward momentum for gold prices. In addition, tensions in the Middle East stimulated gold prices to attract safe-haven buying.
The commander-in-chief of the Iranian Revolutionary Guard Corps warned on Wednesday that Israel would "pay a price" for the air strike launched in Syria on Monday and that Israel must "pay with blood".
Gold prices rose by more than 1% on Wednesday as US economic data was mixed and US Treasury yields fell. The US 10-year Treasury yield fell to its lowest level since April after the ADP employment report released earlier was weaker than expected. The strengthening of the US dollar failed to curb the rise in gold prices. Spot gold closed up $28.45, or 1.22%, at $2,355.11 per ounce on Wednesday.
At present, the outbreak of risk aversion is stronger than the ADP data released last night, and the impact is greater. Therefore, we have been mentioning in the past few days that if the gold price breaks through the strong pressure level of 2,365, the trend will go in the bullish direction next. After the gold price breaks through 2365, the technical bulls are stronger than the bears. The upper pressure is at the 2400 mark, and the previous high of 2450 is even further away.
Therefore, the intraday trading idea is relatively clear. The pressure turns into support. Long orders are placed near 2360, stop loss at 2350, and take profit at 2380.
If you like my analysis, you can leave a message to tell me
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