Fundamental Analysis

• The phone call between U.S. President Trump and Russian President Putin has concluded, with both sides agreeing to continue negotiations toward a ceasefire in Ukraine.
• Despite concerns surrounding the recent U.S. credit rating downgrade, the market remains relatively calm.
• A potential breakthrough in the ceasefire talks could act as a bearish factor for gold, as geopolitical risks ease.

Gold Technical Analysis

An analysis of the daily chart for XAUUSD (Gold) shows that the neckline of a double top pattern at 3250 USD is currently serving as a key resistance level.

While the Ichimoku cloud offers some support below current prices, the inability to regain levels above the neckline keeps the bearish outlook intact.

The fact that the neckline has shifted from a support to a resistance level can be interpreted as a sell signal.

Additionally, a rising triangle pattern has formed near the neckline. A breakout to the downside from this formation could lead to a decline toward the 3100 USD level.

Intraday Trading Strategy (1-Hour Chart)

On the 1-hour chart, gold has formed a rising triangle pattern with higher lows. As of this writing, the price has broken below the ascending trendline and short-term moving averages, indicating increased selling pressure. The RSI has also dropped below 50, reinforcing the bearish bias.

• Day Trading Strategy:
• Enter short positions as close to 3250 USD as possible.
• Stop Loss: Above the neckline (around 3260 USD)
• Take Profit: Around 3100 USD

Support & Resistance Levels to Watch:

145.86 JPY – Recent high

Gold Market Sentiment

• Sell: 52%,Buy: 48％
  

Key Economic Events Today

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.