Gold prices fell nearly 1% on Wednesday, closing at $2337.88 per ounce, as the dollar strengthened to a two-week high and US Treasury yields rose to a four-week high, while hawkish comments from Federal Reserve officials dampened market sentiment. Market attention now shifts to the upcoming release of US inflation data later this week, with technical indicators suggesting downside risks for gold, potentially testing the $2300 level.
Trading Strategy
1. Focus on a high-short strategy for intraday trading, with aggressive traders engaging in range trading between $2323.0 and $2350.0.
2. Open short positions near $2345.0. SL: $2352.0. Target: $2336.0—$2430.0, with further downside targeting $2323.0.
3. Add to short positions on a rebound, breaking below $2338.0, SL:$2343.0. Target: $2330.0—$2323.0.
4. Open long positions upon touching $2323.0. SL: $2317.0, Target: $2328.0—$2332.0
(Gold prices are influenced by the dollar and US Treasury yields, with a focus on U.S. economic data to be released on Thursday and Friday.)
Trading Strategy
1. Focus on a high-short strategy for intraday trading, with aggressive traders engaging in range trading between $2323.0 and $2350.0.
2. Open short positions near $2345.0. SL: $2352.0. Target: $2336.0—$2430.0, with further downside targeting $2323.0.
3. Add to short positions on a rebound, breaking below $2338.0, SL:$2343.0. Target: $2330.0—$2323.0.
4. Open long positions upon touching $2323.0. SL: $2317.0, Target: $2328.0—$2332.0
(Gold prices are influenced by the dollar and US Treasury yields, with a focus on U.S. economic data to be released on Thursday and Friday.)