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Gold Prices Rise Sharply on Resurgence of Bullish Mood
Summary:
It is recommended to maintain to build positions at lows this year.
CLOSED
1958.00
ENTRY
1985.00
TGT
1935.00
SL
3345.97 +40.13 +1.21%
657
Points
Profit
1935.00
SL
1964.57
CLOSING
1958.00
ENTRY
1985.00
TGT
Fundamentals
In Asian hours on Thursday (June 9), spot gold extended its narrow oscillation and is currently trading around 1965. Overnight initial jobless claims jumped, and it also leads to temporarily weakening expectations of the market for the rate hike. Gold prices jumped $30, and they have been fluctuating at highs for nearly a week. At present, the resilience of inflation decided that interest rates will remain high for a long period. You must wait for the expected strengthening of interest rate cuts until gold prices get into a smoother market. Investors need to pay attention to next Tuesday's U.S. CPI data. If inflation continues to moderate, gold prices may break the key resistance position of 1985 and hit the 2000 mark.
In terms of data, U.S. first jobless claims jumped. The number of U.S. jobless claims jumped to 261,000 in the week ended June 3, the highest since October 2021, far exceeding expectations and the biggest weekly gain in nearly two years. The number of continued jobless claims in the United States to the week of May 27 was 1.757 million, the lowest since mid-February. Eurozone GDP in the first quarter fell 0.1% Year over year, contracting for the second consecutive quarter year over year. High energy and food prices caused a sharp slowdown in household spending and the eurozone economy fell into a technical recession. Japan's GDP growth in the first quarter was revised sharply upward to 2.7%, far exceeding expectations.
On this trading day, the heavyweight data of investors is less, the market is still self-digestion as the major, and investors need to pay attention to the next Tuesday's U.S. CPI data.
Overall, the market is still trading in a 25 basis point Fed rate hike in July, but the heavyweight data such as non-farm payrolls and initial claims have shown problems. Perhaps whether in June or July, the opportunity for the Fed to raise interest rates is very small, because the economy looks to start softening. It is recommended to maintain to build positions at lows this year, before the end of June to fill all the previous bull positions. Big profits still depend on faith.
Today's trading reference range in 1955-1985.
Technical Analysis
In the daily chart, yesterday's market pulled up quickly and recovered the important support zone from 1950 to 1955. Short-term bullish momentum picked up again significantly, but the price stopped near the week's high of 1970. The direction of the least resistance on the market is still to move up. The initial resistance above is lifted to 1985, and further strong resistance is set at the 2000 integer mark. However, we can not rule out that the market has fallen again to make a rearrangement. The initial support below is at 1955, and further strong support is at 1940.
As for intraday trading, it is recommended to go long on retreatment. You can go long with small positions when gold prices go back down to the support range of 1955-1960. The stop loss is set near 1950. The first target to take profit is 1970 at which you can partially close your position and set the remaining to at least break even. The second target is set at 1985.
Trading Recommendations
Trading direction: Long
Entry price: 1958
Target price: 1985
Stop loss: 1935
Support: 1950.000, 1938.000
Resistance: 1970.000, 1985.000
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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