GOLD INTRADAY PULLBACK TO GO LONG

Gold rose sharply last trading day, and the daily line closed with a big positive line with a slight upper shadow. At present, the price is still temporarily maintained in a wide range of fluctuations in the daily trend, but after a wave of pull-ups, the technical pattern began to gradually adjust and there are signs of continued strength on the daily line. After the overnight price touched the previous pressure zone, the strength and continuity of the retracement were not too large.

The 4-hour chart shows that the K-line temporarily maintains a narrow range of fluctuations at a high level. Pay attention to the secondary pull-up trend after the adjustment in the short-term trend is completed. At present, the small-level cycle trend maintains a good oscillating upward trend. The 1-hour chart breaks through the box and oscillates. Gold did not fall back quickly after the breakthrough and has stabilized above the box. At present, the moving average support has risen to around 2345, which is still far from the current price. At the same time, the upper side faces the pressure of the previous high of 2368. The intraday operation idea will turn to follow the trend of long positions.

On the whole, today's short-term operation recommendation for gold is to go long after a correction, supplemented by shorting on a rebound. The short-term focus on the upper side is the 2365-2370 resistance range, and the short-term focus on the lower side is the 2345-2347 support range.

Comment:

On Thursday (July 4), this trading day maintained a volatile trend, so far it was trading at $2,357.25 per ounce, an increase of 0.14%. The number of initial jobless claims in the United States increased last week, and the number of unemployed people rose further to a two-and-a-half-year high at the end of June, which is consistent with the trend of a gradually cooling labor market.

The weekly initial jobless claims rose in June, initially due to the difficulty in eliminating seasonal fluctuations in the data after the Memorial Day holiday at the end of May. But as the number of people applying for unemployment benefits at the end of the month continues to rise, the labor market may be slowing down. This, coupled with weakening inflation, makes it possible for the Federal Reserve to start cutting interest rates this year, and financial markets hope that the easing cycle can begin in September.

Gold prices have now reached a peaking bearish pattern for the third consecutive month, with strong signal expectations and prospects of peaking and bearishness; implying that the market outlook will continue to remain high and volatile and expected to fall back. However, its trend is still above the May average, suggesting that bulls still have the risk of maintaining the rebound trend and rising momentum again. Therefore, as long as the market does not break through the closing line above $2,400, or falls below the support of the May average, it will continue to fluctuate.

This trading day is the US Independence Day holiday, the US market is closed, and the trading of precious metal futures contracts under CME ends early. US economic data has been released in advance on Wednesday, and market trading may be restricted. Investors are now looking to Friday's non-farm payrolls report for further clarity on the path to U.S. interest rate cuts.

Comment:

Gold Trading Strategies Reference

🎯Strategy 1: Go short when gold rebounds to around 2365-2368, stop loss 6 points, target around 2355-2350, break the position and look at the 2345 line✅

🎯Strategy 2: Go long when gold pulls back to around 2345-2347 , stop loss by 6 points, target around 2360-2365, and look at the 2370 line if the position is broken✅

The trend of the gold market is changing rapidly, and trading strategies may also be adjusted in real time. Investors are advised to place orders cautiously and manage account funds and positions reasonably.

Comment:

On the daily chart, 2368 is a big pressure point on the daily chart. The bulls on Wednesday reached a high of 2364, and then began to weaken. Yesterday's high point was also gradually reduced, and it started to decline after reaching 2362 in the morning. With the approach of today's non-agricultural data, whether gold can reach 2400 in the evening depends on the expectations of this data. The lower support has moved down to the 2350 line, the previous top and bottom conversion position. It rebounded directly after touching this position yesterday, indicating that gold has signs of stabilization. The focus of the day is on the breakout of the small range of 2350-2368, and follow up in time.

The gold 1-hour moving average opened wide and formed a golden cross arrangement upward. The gold bulls' energy is still there. After the 1-hour line broke through the last box shock, it began to trade sideways at a high level, and there is a possibility of digesting the bulls' upward momentum.

On the whole, today's short-term operation of gold is mainly to do more on the callback, supplemented by shorting on the rebound. The short-term focus on the upper side is the 2365-2370 resistance range, and the short-term focus on the lower side is the 2347-2350 support range.