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Gold prices are under pressure near the $4,150 level; any short selling today?
Currently, global spot gold prices are hovering at a high of $4,130 per ounce.
Previously, on November 24, the price of gold rose 1.75% to US$4,136, and hit a high of US$4,155 during the Asian trading session on November 25.
Technical analysis: Gold prices are currently in a short-term stable state, but tend to rise slightly, showing a trend of breaking through the recent trading range.
1: New York Fed President Williams said “interest rates may fall in the short term”; Fed Governor Waller believes that the labor market is weak enough to support another interest rate cut in December – ✅Optimism.
2: The probability of the Federal Reserve cutting interest rates in December has risen sharply to 70%-80% from less than 40% a month ago – ✅Optimistic.
3. The U.S. government shutdown is over, and a large number of delayed data (such as PPI, retail sales, etc.) will be released this week – ⚠️Uncertainty is widespread.
4. The decline in the balance of the U.S. Treasury General Account (TGA) injected liquidity into the market, ensuring that the Single Term Financing Rate (SOFR) remained low – ✅positive.
The above summarizes the reasons for the recent rise in gold prices. But it’s worth noting that news releases always lag.
The current rise in gold prices has reflected these positive factors.
Day Trading Strategies and Advice:
Major support levels: $4,100, $4,070, $3,971-$4,004 range
Major resistance levels: $4150, $4200, $4240
Trend assessment: Gold prices may rebound further.
Buying strategy: If the gold price maintains the support level of $4,100, you can buy it slightly with a target price of $4,150-4,200.
Selling strategy: If gold prices fall below $4,100 and fail to recover, it may test the support at $4,070.
Breakout strategy: If the gold price actually breaks through the resistance level of $4,150, consider increasing your position with a target price of $4,200.
In terms of trading strategy, it is recommended to focus on range fluctuations and pay close attention to whether gold prices will break through the key support level of $4,100 and the resistance level of $4,150.
Pay close attention to U.S. economic data and speeches from Federal Reserve officials this week, which may serve as catalysts for market direction.
