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[Gold Profit Recovery]: On June 30, gold prices saw frequent shifts between bullish and bearish trends—how can traders capture profits?
Release time:
2023-06-30
Preface: As the Art of War teaches, “Before the troops move, the supplies must go first.” The same holds true in trading—especially in the age of big data. It is imperative to set clear self-imposed constraints in advance. First, adopt a broad, long-term perspective; analyze the relevant fundamental factors over the near term; and establish a well-reasoned entry point in your mind. Once the data is released, whether the market surges or plunges, keep a calm and steady mindset. Remember: in this market, impulsiveness and a gambling mentality cannot sustain success. Steadiness—steadiness—above all else. It is far better to miss an opportunity than to make the wrong trade; that is the key to lasting victory.
Gold News —
Gold prices on Thursday clawed back some of the intraday losses, as investors stepped in to buy on dips after a string of strong U.S. economic data briefly pushed gold below the key psychological threshold of $1,900. Initial jobless claims in the United States posted their largest weekly decline in 20 months, underscoring a robust labor market that has also helped underpin first-quarter gross domestic product (GDP). Traders are now awaiting Friday’s release of May personal consumption expenditures data, the Federal Reserve’s preferred measure of inflation. Fed Chair Jerome Powell stated that, with U.S. inflation well above the 2% target and the labor market still extremely tight, most Fed policymakers expect at least two more rate hikes by year-end. Although gold is viewed as an inflation hedge, rising interest rates have diminished the appeal of the non-yielding metal; current rate expectations suggest it could post its first quarterly decline since September 2022.
Latest Gold Price Trends —
The gold market has been subject to sharp volatility driven by fundamental factors. Trading opened at $1,907.6 per ounce, then surged to $1,912.9 before reversing sharply and hitting a intraday low of $1,892.8. Subsequently, prices rallied strongly again, reaching a daily high of $1,913.1, before consolidating and ultimately closing at $1,907.8. The day ended with a “morning star” candlestick pattern featuring an exceptionally long lower shadow, signaling a potential bottom test after such a close. On the 4-hour chart, after forming a “cup-and-handle” pattern near the resistance level of $1,930, prices subsequently broke down decisively through the strong support zone around $1,894, followed by a series of bearish candles that oscillated lower while encountering resistance at the middle Bollinger Band at $1,913. Overall, the outlook remains one of further correction. In summary, Zhang Rongyi concludes: gold is currently trading in a narrow range at lower levels; for today’s strategy, consider initiating a long position first, with shorting as a secondary approach. Key resistance lies between $1,917 and $1,926, while support is found between $1,905 and $1,895.
Crude Oil News —
Oil prices closed higher on Thursday, after a volatile intraday session. A larger-than-expected drop in U.S. crude inventories provided support, but concerns that rising interest rates could weigh on global economic growth exerted downward pressure. On Wednesday, both benchmark contracts gained about 3%, following the U.S. Energy Information Administration’s (EIA) report that crude stocks fell by 9.6 million barrels in the week ended June 23—far more than the 1.8-million-barrel decline forecast by analysts in a Reuters survey. In response to the price slide, Saudi Arabia pledged this month to implement a substantial production cut in July, while the OPEC+ alliance of OPEC and its allies will maintain its output reductions through 2024.
Latest Crude Oil Market Trends —
Yesterday, the crude oil market opened at $69.05 per barrel, then retraced to $68.80 before rallying again, with the intraday high reaching $70.47. Subsequently, upward pressure eased and prices pulled back, hitting a low of $68.78 before staging a late-session rally to close at $69.65 per barrel. The day’s candlestick closed as a bearish engulfing pattern with a long upper shadow, signaling that the recent surge has encountered resistance. On the four-hour chart, oil prices have been oscillating around $67.00, forming a rounded bottom, and the overall trend remains confined within the $67.00–$73.50 trading range. With prices now holding above $67.00 and establishing a fourth bottom, the short-term pullback may have already run its course; however, the resistance zone between $70.60 and $71.60 still warrants close attention. In summary, Zhang Rongyi concludes: crude oil has hit resistance after a rally, putting bulls to the test. For today’s trading, we recommend a strategy of selling high and buying low, with key resistance levels at $70.60–$71.60 and support at $68.90–$67.00.
How should you trade gold in a volatile market?
In fact, regardless of market conditions, maintaining a sound mindset is crucial once an investor places a trade. In addition, during volatile markets when trading gold, investors should adopt a phased entry strategy to lower their average cost and move closer to their target price. For example, if you’re using a 10% position size as your standard allocation and entered at the previous trigger level with 5%, then the remaining 5% should be added in a second leg at a key resistance or support level.
Secondly, when trading gold in a choppy market, investors must set appropriate stop-loss orders. It’s best to place the stop-loss 2 pips beyond the nearest resistance or support level to avoid the embarrassment of a false breakout triggering the stop and to protect against substantial losses in a breakout move if no stop-loss is in place.
Furthermore, when trading gold in a choppy market, it’s crucial to set clear profit targets. Typically, such markets see intraday price swings of no more than $10. If you entered at the level mentioned in point 2, once a single trade has generated a profit of $4–5, it’s generally advisable to close the position.
In addition, when trading gold in a volatile market, it’s important to pay attention to resistance and support levels. Investors can use past price action as a reference to identify these key levels.
Finally, during volatile market conditions, it is crucial to carefully time your gold trades. Gold prices can change in an instant, and support and resistance levels do not always hold exactly as traders expect. Therefore, to avoid missing out on favorable moves, it is best to enter a position 2 points above the support level and 2 points below the resistance level.
The author of this article is an oil, gold, and silver analyst, with the WeChat ID cry9540.
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