Monday (July 3) Asian hours, spot gold trading in a narrow range, currently trading around $1917.06 / ounce, last Friday's US economic data weaker than expected, the market on the Federal Reserve's potential aggressive degree of fighting inflation cast some doubt, the dollar weakened sharply, helping gold prices rebound from the 1900 mark near the technical surface some short-term bottom signals, There are further short-term opportunities for gold prices to rebound. However, the Fed is still widely expected to raise interest rates again in July, keeping bulls wary.
Trading is expected to be somewhat limited during the New York session as US markets are closed early for the Independence Day holiday on July 4. However, the United States ISM manufacturing PMI data for June will be released within the day, investors still need to focus on, in addition, we need to pay attention to the final value of June manufacturing PMI data in Europe and the United States.
Daily level: rebound after a shock fall; The gold price recorded a "hope star" K-line combination near the 1900 mark, which is a relatively strong bottoming signal, KDJ also formed a gold cross in the oversold area, and the short-term bull opportunity has increased, at least the chance of further rebound. The initial resistance is near last Friday's high of 1922.61, last Tuesday's high resistance is near the 1930 mark, the stronger resistance is near the 21-day moving average of 1937.59, the June 23 high, the 23.6% retracement resistance of the 2079-1892 decline is near this position, if the resistance can be broken, it will increase the bullish signal in the future market.
Since the MACD dead cross signal is still not completely destroyed, before breaking the 21-day moving average, it is still necessary to guard against the possibility of gold prices falling again, and the current gold price is also suppressed by the 10-day moving average, the initial support below the 5-day moving average 1912.86, and the key support is near the 1900 mark, if the support is lost, it will increase the bearish signal in the future market.
