July 28 Morning
Gold Market News
The Iran-U.S. keep a tactical ceasefire in place, geopolitics’ premium continues to fade, international oil prices have dropped sharply, and concerns about energy pushing inflation and the Fed keeping high rates have eased somewhat—supporting a short-term rebound in gold prices.
Note that this ceasefire is only temporary while negotiations continue; the risk of fighting resuming has not been eliminated, which continues to provide downside support for gold.
The market focus is gradually shifting to the Fed’s interest-rate decision early on Wednesday. Current expectations are generally that rates will be kept unchanged. Powell’s remarks will dominate the subsequent direction for gold. Trading activity is likely to become cautious as investors wait for policy signals to materialize.
From a technical perspective:
On the one-hour cycle, after probing higher and testing the upper channel, price faced pressure and pulled back. The long upper-wick candle clearly confirms the strength of resistance around the 4116 area. Attempts by the bulls to break upward in the short term have failed; indicators have turned downward in unison. There is a need for a further pullback to test support levels.
In addition, yesterday’s gap was created by a sharp opening (a “jump” gap), and the market generally expects that gap to be filled. For short-term trading, do not blindly chase rallies.
Based on the combined fundamental and technical signals, here is the approach:
Gold Trading Suggestions:
Sell/Short around 4040–4060
Targets: around 4090–4120
(Personal advice only for reference)$XAU
Gold Market News
The Iran-U.S. keep a tactical ceasefire in place, geopolitics’ premium continues to fade, international oil prices have dropped sharply, and concerns about energy pushing inflation and the Fed keeping high rates have eased somewhat—supporting a short-term rebound in gold prices.
Note that this ceasefire is only temporary while negotiations continue; the risk of fighting resuming has not been eliminated, which continues to provide downside support for gold.
The market focus is gradually shifting to the Fed’s interest-rate decision early on Wednesday. Current expectations are generally that rates will be kept unchanged. Powell’s remarks will dominate the subsequent direction for gold. Trading activity is likely to become cautious as investors wait for policy signals to materialize.
From a technical perspective:
On the one-hour cycle, after probing higher and testing the upper channel, price faced pressure and pulled back. The long upper-wick candle clearly confirms the strength of resistance around the 4116 area. Attempts by the bulls to break upward in the short term have failed; indicators have turned downward in unison. There is a need for a further pullback to test support levels.
In addition, yesterday’s gap was created by a sharp opening (a “jump” gap), and the market generally expects that gap to be filled. For short-term trading, do not blindly chase rallies.
Based on the combined fundamental and technical signals, here is the approach:
Gold Trading Suggestions:
Sell/Short around 4040–4060
Targets: around 4090–4120
(Personal advice only for reference)$XAU