07/06 Monday Gold Early Review



Last week, precious metals surged in a sustained trend, with the price action fitting our forecast throughout. The gold price rose steadily from 3943 to 4195, climbing gradually along the upward channel of the Bollinger Bands, and the bullish structure is very solid.

Non-farm data came in far weaker than expected. Cooling employment lifted expectations for a Federal Reserve rate cut, and the U.S. dollar and U.S. Treasury yields fell in parallel, providing ongoing fundamental support for this round of gold price gains.

On the weekly chart, the Bollinger Bands are opening upward and diverging. The gold price is trading sideways, under the upper band, in consolidation under pressure—this is a buildup phase for an upward continuation, with no signals of any trend reversal.

Gold: Go long in the 4155-4135 range, target 4200. If it breaks, then look at 4100. $BTC $GT
BTC0.73%
GT1.15%
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