With the dollar stabilizing ahead of the release of U.S. jobs data, this data may set the tone for the Federal Reserve's interest rate strategy. Additionally, the increased likelihood of a ceasefire agreement in the Middle East has dampened gold's safe-haven demand. Gold prices fell by over 1% on Tuesday.
According to surveys, foreign exchange strategists believe that the strong dollar in recent months will soften slightly over the next 12 months, as they generally consider the dollar to be overvalued. With the latest rate futures pricing indicating the Fed's policy easing starting in September, analysts predict that the dollar will retrace some of its gains in the coming months, providing medium-term bullish support for gold.
Trading Strategy:
1. Aaggressive investors: Open short positions near 2333.0,
Conservative investors:Open short positions near 2340.0 or 2347.0,
Stop loss: $5, Downward targets: $2323.0—$2318.0;
2. Closely monitor breakout situations, breaking below $2315.0 or breaking above $2350.0 to reevaluate trading plans.
According to surveys, foreign exchange strategists believe that the strong dollar in recent months will soften slightly over the next 12 months, as they generally consider the dollar to be overvalued. With the latest rate futures pricing indicating the Fed's policy easing starting in September, analysts predict that the dollar will retrace some of its gains in the coming months, providing medium-term bullish support for gold.
Trading Strategy:
1. Aaggressive investors: Open short positions near 2333.0,
Conservative investors:Open short positions near 2340.0 or 2347.0,
Stop loss: $5, Downward targets: $2323.0—$2318.0;
2. Closely monitor breakout situations, breaking below $2315.0 or breaking above $2350.0 to reevaluate trading plans.