12/7 spot gold price anaysis
Fundamental analysis
On 8 July (Thursday), the US dollar fell from a 3-month high. Commodity-related currencies fell the most, and lower US treasury yield also dragged down the US dollar. Gold futures fell for the first time in seven days. Some market strategists believe that the sharp decline in European and American stock markets may cause some investors to sell gold and other profitable assets in exchange for liquidity, which will lead to pressure on precious metal prices. However, as a safe-haven asset, gold price should be supported, especially given the concerns about the recovery of US job market and the variants of the Delta coronavirus.
Spot gold price fell slightly in late trading on Thursday to $1802.83 per ounce. It rose to a high of $1818.39 since June 17 during the session. As US bond yield climbed slightly from the low point, US stocks also recovered some of their lost ground. The weaker the US dollar and more worries about the recovery of the US job market kept gold price near its three-week highs.
Technical analysis
From the daily chart, gold price was suppressed by Fibonacci 38.2%. On Friday, it once reached around 1812, closed around 1803. The Bollinger band mouth gradually shrinks to the middle track, the MACD downward momentum gradually decreases, RSI is approaching 50. 4-hour Bollinger band going upwards, MACD downward momentum gradually calm down.
Today’s strategy:
Strategy 1: long position 1793, stop loss 1783, take profit 1810, 1815
Strategy 2: short position 1815, stop loss 1821, take profit 1804
On 8 July (Thursday), the US dollar fell from a 3-month high. Commodity-related currencies fell the most, and lower US treasury yield also dragged down the US dollar. Gold futures fell for the first time in seven days. Some market strategists believe that the sharp decline in European and American stock markets may cause some investors to sell gold and other profitable assets in exchange for liquidity, which will lead to pressure on precious metal prices. However, as a safe-haven asset, gold price should be supported, especially given the concerns about the recovery of US job market and the variants of the Delta coronavirus.
Spot gold price fell slightly in late trading on Thursday to $1802.83 per ounce. It rose to a high of $1818.39 since June 17 during the session. As US bond yield climbed slightly from the low point, US stocks also recovered some of their lost ground. The weaker the US dollar and more worries about the recovery of the US job market kept gold price near its three-week highs.
Technical analysis
From the daily chart, gold price was suppressed by Fibonacci 38.2%. On Friday, it once reached around 1812, closed around 1803. The Bollinger band mouth gradually shrinks to the middle track, the MACD downward momentum gradually decreases, RSI is approaching 50. 4-hour Bollinger band going upwards, MACD downward momentum gradually calm down.
Today’s strategy:
Strategy 1: long position 1793, stop loss 1783, take profit 1810, 1815
Strategy 2: short position 1815, stop loss 1821, take profit 1804
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