Gold continued to fluctuate, with an upward trend still brewing.
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News：
Gold prices narrowed their losses on Tuesday (November 4) as investors awaited upcoming U.S. economic data for further clues about interest rate trends.
Significant internal divisions exist within the Federal Reserve.
Federal Reserve Chairman Jerome Powell delivered a hawkish speech, stating that a December rate cut should not be taken for granted. This reduced the probability of a December rate cut, which dampened safe-haven buying of gold and supported a rise in both the US dollar and US Treasury yields. In particular, the dollar's rise to a three-month high put significant pressure on gold prices. However, due to the ongoing US government shutdown and international geopolitical instability, the uncertainty surrounding the Fed's monetary policy continues to support gold and limit its short-term downside.
Specifically:
Gold is showing a converging pattern on the 1-hour chart, with moving averages clearly intertwined and failing to establish a strong directional trend. Gold is currently facing resistance around the 4000 level and has not yet broken through to the upside.
If gold breaks through and holds above 4000 again, then during the US session, pay attention to the resistance level in the 4020-4030 area. Overall, gold is still trending upwards in a volatile manner.
Market conditions are constantly changing. Pay attention to the current range-bound market rhythm. Without a clear directional trend in the short term, avoid chasing the market.
Trading strategy:
Buy:3950-3950, SL: 3960, TP: 3980-4000-4020
News：
Gold prices narrowed their losses on Tuesday (November 4) as investors awaited upcoming U.S. economic data for further clues about interest rate trends.
Significant internal divisions exist within the Federal Reserve.
Federal Reserve Chairman Jerome Powell delivered a hawkish speech, stating that a December rate cut should not be taken for granted. This reduced the probability of a December rate cut, which dampened safe-haven buying of gold and supported a rise in both the US dollar and US Treasury yields. In particular, the dollar's rise to a three-month high put significant pressure on gold prices. However, due to the ongoing US government shutdown and international geopolitical instability, the uncertainty surrounding the Fed's monetary policy continues to support gold and limit its short-term downside.
Specifically:
Gold is showing a converging pattern on the 1-hour chart, with moving averages clearly intertwined and failing to establish a strong directional trend. Gold is currently facing resistance around the 4000 level and has not yet broken through to the upside.
If gold breaks through and holds above 4000 again, then during the US session, pay attention to the resistance level in the 4020-4030 area. Overall, gold is still trending upwards in a volatile manner.
Market conditions are constantly changing. Pay attention to the current range-bound market rhythm. Without a clear directional trend in the short term, avoid chasing the market.
Trading strategy:
Buy:3950-3950, SL: 3960, TP: 3980-4000-4020
Сделка активна
Was the technical sell-off in gold prices triggered by long position liquidation?
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Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.