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Gold fell below weekly support as scheduled, Europe and the United States paid attention to trend line resistance
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Gold fell below weekly support as scheduled, and Europe and the United States pay attention to trend line resistance." Hope it will be helpful to you! The original content is as follows:
Dollar Index
In terms of the performance of the US dollar index, the US dollar index showed a volatile trend on Tuesday. The price of the US dollar index rose to 97.816 on the day, and fell to 97.151 at the lowest point, and finally closed at 97.471. Looking back on Tuesday's market performance, during the early trading session, the price first corrected downward to test the four-hour support position, and then rose strongly again. At the same time, the price broke through the daily resistance position in the US session. Although it fell slightly overnight, the price still closed above the four-hour support and near the daily resistance. The daily price closed with a negative cross. For this cross, we need to pay attention to the continued rise of the oscillation, and follow up and focus on breaking through and standing firmly.
From a multi-cycle analysis, the price suppresses resistance in the 99 area at the weekly level, so from a medium-term perspective, the trend of the US dollar index will be more bearish. At the daily level, the key price resistance position is at 97.40 position over time. The current price is as the author said to test this area upward and perform a puncture. We need to pay attention to further actual breaking performance in the future. In the four-hour period, the recent price has been supported and risen after touching the channel line. It is currently rising. With the passage of time, it is currently supporting at 97.30. The price continues to be more treated above this position. Looking at the price fluctuating yesterday, the price needs to be paid attention to further fluctuations and then rise. Once the actual position is on the daily line, the resistance will continue to accelerate. From the trend line, the 97.20 area below is the lower edge of the short-term trend line rising, so the overall focus is on the 97.20-40 range to support the price increase, and the 97.80-98.10-98.30 area above.
The US dollar index has a long range of 97.20-30, with a defense of 5 US dollars, and a target of 97.80-98.10-98.30
Gold
In terms of gold, the price of gold generally showed a decline on Monday, with the highest price rising to 3345.68 on the day, and the lowest fell to 3286.89 on the spot, closing at 3301.47 on the spot. Regarding Monday, gold first opened high in the early trading period, and the price did not continue, but was under pressure again, mainly because the price tested to the daily resistance position, and then remained weak during the day. The US also hit a low point again after the trading session. At the same time, the daily closing was below the weekly watershed position, so the overall focus will continue to pay attention to the pressure in the medium term of gold in the future.
From multi-cycle analysis, first observe the monthly rhythm. The price runs at the rhythm in May as the author said, and the final cross state. The final price in June is still in an anti-K state, so you still need to be cautious when dealing with the majority. From the weekly level, the price on the weekly line has continued to fluctuate at a high level recently. As time goes by, the weekly watershed is temporarily at the 3311 position. The price has now broken down, so the subsequent price can be treated as a medium-term decline below this position. According to the daily level, last week's price was under pressure as the author said, as further upward tests the daily resistance, and the current daily resistance is at 3328. The price is under pressure under the continuous band below this area. According to the four-hour level, the price fell below the four-hour support again yesterday, and the four-hour support once again became a key resistance. As time goes by, it is necessary to focus on the 3320 area, which is short-term short-term short-term. At the same time, according to the one-hour view, do not chase short for the time being. The rhythm is an oscillating decline, so wait until the price falls back to the four-hour and daily resistance areas before looking at the pressure. Pay attention to the 3275-3250 area below.
Gold increased its position in short positions in the 3320-25 range, defended 10 US dollars, and targeted 3275-3250
Europe and the United States
Europe and the United States, prices in Europe and the United States were generally on Tuesday. The price fell to 1.1682 on the day, and rose to 1.1765 on the highest, closing at 1.1724 on the market. Looking back at the performance of European and American markets on Tuesday, during the early trading session, the price first corrected upward and tested to near the four-hour resistance and then was under pressure again. The price tested downward and stopped after the daily support. Finally, the big sun ended on that day. For the subsequent needs to pay attention to the gains and losses of the daily watershed position.
From a multi-cycle analysis, from the perspective of the monthly line level, Europe and the United States are supported at 1.0950, so long-term bulls are treated, and the monthly line ends with a big positive, so long-term bullishness is still relatively large. From the weekly level, the price is supported by the 1.1450 area, and continues to look bullish from the perspective of the midline. The price decline is temporarily used as the midline.Revised treatment in the rise. From the daily level, as time goes by, we need to focus on the watershed between 1.1700 and yesterday's low point range. The bands above this position are treated more frequently, but it is important to pay attention to whether they can break further after subsequent oscillations. From the four-hour level, we need to pay attention to the 1.1730 position and the upper trend line 1.1760-70 range resistance. From the one-hour level, considering that the current price test has rebounded after the daily support, it is important to pay attention to the trend line resistance suppression in the future, and to pay attention to whether it can further break the daily support.
Europe and the United States have a short range of 1.1760-70, defense is 40 points, target 1.0700-1.0640
[Finance data and events that are focused today] Wednesday, July 8, 2025
①09:30 China's June CPI annual rate
②10:00 New Zealand Fed announced interest rate resolution
③11:00 New Zealand Fed Chairman Orr held a press conference
④22:00 United States May wholesale sales monthly rate
⑤22:30 United States to July 4 EIA crude oil inventories
⑥ 22:30 EIA Cushing crude oil inventories in the week from the United States to July 4
⑦22:30 EIA strategic oil reserve inventories in the week from the United States to July 4
⑧ Next day 01:00 US to July 9 10-year Treasury bond auction-winning interest rate
⑨ Next day 01:00 US to July 9 10-year Treasury bond auction-tender multiple
⑩ Next day 02:00 US to July 9
The Federal Reserve announced the minutes of the monetary policy meeting
Note: The above is only personal opinions and strategies, for review and exchange only, and does not give customers any investment advice. It has nothing to do with customers' investment, and is not used as a basis for placing an order.
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