On July 7, gold rose slightly in intraday trading. After the price of gold fell sharply overnight , the daily gold price fluctuated upwards.
Fundamentally, recently, under the influence of the strong dollar index, gold fell to its lowest point in more than 9 months. Bullish demand for the dollar. At the same time, the euro was dragged down by worries about the European energy crisis. The euro continued to fall against the dollar, hitting a new low in two decades, which was also a positive boost for the dollar and indirectly negative for the price of gold.
On the whole, the pace of aggressive interest rate hikes in the United States and risk aversion are now driving the dollar higher; gold may remain under pressure in the short term in July.
For now, jobless claims data and June nonfarm payrolls will be an opportunity to change the trend of the cycle. Be patient and wait for the data to hit. For the time being, gold is near 1845, and the daily line is still overcast. Therefore, the trading is still based on the trend. The unilateral moving average of the H4 cycle is suppressed at 1748 and 1758.
For the market, before the performance of the big bears, gold waited for the impact of the US market data. In the Asian and European trading, it continued a very weak downward trend, and the rebound was mainly short. See 1748 above, 1758 suppresses the effect to do the transaction. If the U.S. market stands above 1758 and the daily line closes in the sun, we must pay attention to the big upside of gold on Friday.
According to the gold market center of Jintou.com, at 11:15 Beijing time, the gold spot price today was temporarily reported at $1745.03 per ounce.