{x} | Trading.live

Fundamentals

In Asian hours on Thursday (June 9), spot gold extended its narrow oscillation and is currently trading around 1965. Overnight initial jobless claims jumped, and it also leads to temporarily weakening expectations of the market for the rate hike. Gold prices jumped $30, and it is at highs unsteadily for nearly a week. At present, the resilience of inflation decided that interest rates will remain high for a long period. You must wait for the expected strengthening of interest rate cuts until gold prices get into a smoother market. Investors need to pay attention to next Tuesday's U.S. CPI data. If inflation continues to moderate, gold prices may break the key resistance position of 1985 and hit the 2000 mark.

In terms of data, U.S. first jobless claims jumped. The number of U.S. jobless claims jumped to 261,000 in the week ended June 3, the highest since October 2021, far exceeding expectations and the biggest weekly gain in nearly two years. The number of renewed jobless claims in the United States to the week of May 27 was 1.757 million, the lowest since mid-February. Eurozone GDP in the first quarter fell 0.1% Year over year, contracting for the second consecutive quarter Year over year. High energy and food prices caused a sharp slowdown in household spending and the eurozone economy fell into a technical recession. Japan's GDP growth in the first quarter was revised sharply upward to 2.7%, far exceeding expectations.

On this trading day, the heavyweight data of investors is less, the market is still self-digestion as the major, and investors need to pay attention to the next Tuesday's U.S. CPI data.

Overall, the market is still trading in a 25 basis point Fed rate hike in July, but the heavyweight data such as non-farm and initial claims have been in the description of many problems. Perhaps whether in June or July, the Fed that again have the opportunity to raise interest rates are very small, because the economy looks to start softening. It is recommended to maintain to build positions at lows this year, before the end of June to fill all the previous bull positions. Big profits still depend on faith.

Today's trading reference range in 1955-1985.

Technical Analysis

In the daily chart, yesterday's market pulled up quickly and regained important support in the chart of 1950-1955. Short-term bullish momentum picked up again significantly, but it stopped near the week's high of 1970. The direction of the least resistance on the market is still bullish, the initial resistance above is lifted to the chart of 1985, and further strong resistance is set at the 2000 integer mark. However, we can not rule out that the market has fallen again to make a rearrangement. The initial support below is in the chart of 1955, and further strong support is in the chart of 1940.

As for intraday operation, it is recommended to retreat to go long. You can go long with small positions when gold prices go back down to the support range 1955-1960. The stop loss is set in 1950 near. The first target of the take profit is set at 1970, you can be partially out of the field and set the capital preservation single, and the second target is set at 1985.

Trading Recommendations

Trading direction: Long

Entry price: 1958

Target price: 1985

Stop loss: 1935

Support: 1950.000, 1938.000

Resistance: 1970.000, 1985.000