Gold breaks through as scheduled, Asian market continues to short on 2610 in early trading
At 03:00 Beijing time on Thursday, the Federal Reserve cut interest rates for the third consecutive time, lowering the benchmark interest rate target range by 25 basis points to 4.25% -4.50%, in line with market expectations. After the Federal Reserve's decision to cut interest rates, gold prices experienced a sharp decline, with the lowest dropping to around 2583, and the daily chart closed with a large bearish candlestick.
From the overall trend of gold in recent times, a bullish rebound is almost powerless, and even a slight rebound will be swallowed up by strong bears on the same day or the next day. Secondly, based on Powell's speech at the current Federal Reserve interest rate meeting, his attitude tends to be more hawkish, as evidenced by the downward trend in gold prices.
Looking at the current market, the low points are constantly refreshing and resistance is constantly decreasing. It can be said that the technical form is very unfavorable for bulls to achieve strong pullbacks, especially when the daily chart closes with a large bearish column. The current price has already penetrated the lower band of the Bollinger Bands, and there is still downward space for the daily market.
Gold trading strategy:
Rebound 2610, short sell, defend 2618, target 2600-2590
Step back 2590 buy more, defend 2582, target 2600-2610
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights