Gold is Currently Showing a Clear Sideways-downward Trend with a Bearish Formation
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Technical Analysis: Gold is currently showing a clear sideways-downward trend with a bearish formation. For ultra-short-term trading, the strategy should focus on selling on rallies (Short), while closely monitoring the resistance zone between 4040 and 4043.
It is highly likely that prices will follow the downward trend in shorter time frames and retest the key support zone at the H4 level, 3996–4010.
Currently, the market is in the early stages of a rebound ending and a return to the downtrend. Continue to focus on sell trades!
Strategy: Sell: 4038–40 TP: 4010 SL: 4056
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Gold prices saw a slight correction during Asian trading hours on Wednesday (July 15), currently trading around $4035 per ounce.
Spot gold fell to its lowest level since July 1st yesterday, reaching $3983 per ounce, with market pessimism seemingly gaining the upper hand.
However, with the release of the US June Consumer Price Index (CPI) data, gold prices surged to $4102.82 per ounce, ultimately closing at $4052.64, a daily gain of 1.3%.
Escalating US-Iran Conflict, but Gold Market Focus Shifts to Interest Rates
Recently, military tensions between the US and Iran have escalated again, but the international gold market's focus has shifted from the war to the direction of US interest rates.
The US June CPI, released on Tuesday, fell 0.4% month-on-month, exceeding market expectations and easing market concerns about a Federal Reserve rate hike, driving a slight rebound in international gold prices.
Gold, a traditional safe-haven asset, is now more sensitive to inflation and monetary policy changes than to Middle East tensions, and its price dynamics are changing. $XAU/USD(XAUUSD.FOREX)$$Gold - main 2608(GCmain)$
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