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Analysis of gold price trend on Thursday 6/27

已更新

Gold fluctuated narrowly below the 2,300 mark in Asian trading on Thursday. Gold prices fell 1% on Wednesday, hitting its lowest level in more than two weeks at 2,293 during the session, hurt by a stronger dollar and rising Treasury yields, while traders awaited U.S. inflation data to be released later this week.

Investors began to digest expectations of monetary easing by the Federal Reserve, supporting the dollar's last upward momentum. The dollar rose 0.4% against other currencies to a near two-month high, making international gold more expensive for holders of other currencies, while the benchmark U.S. 10-year Treasury yield hit a near two-week high.

It should be reminded that the market is also paying attention to the U.S. first-quarter gross domestic product (GDP) data to be released on Thursday and the important debate between President Biden and Republican presidential candidate Trump on Thursday. In addition, pay attention to changes in the number of initial jobless claims in the United States and the monthly rate of durable goods orders in the United States in May.

[Technical side]

Gold maintained the expected short position and continued to adjust. The daily line broke through the 2300 mark and closed. The connection structure continued the short position adjustment. The daily chart gold price deviated from the MA10/7-day moving average and concentrated on the 23 line. The RSI indicator continued to run below the central axis. The short-term four-hour chart price continued the MA10-day moving average low point and gradually moved down. The Bollinger band opened downward, and the RSI indicator ran at a low value of 30. The hourly chart fluctuated and fell. The hourly chart of the operation range of the middle and lower tracks of the Bollinger band first looked at 2290/2306 days. The idea of gold trading remains the high-altitude idea!

Asian trading strategy:

Short-term gold 2286-2288 long, stop loss 2277, target 2300-2310;

Short-term gold 2310-2313 short, stop loss 2319, target 2290-2280;

Note: The above strategy was updated on June 27. This strategy is an Asian market strategy, please pay attention to the validity period of the strategy. US market strategy to be updated