9.5 Gold short-term operation strategy
Gold lacks direction in high-range wash
Yesterday's gold trend once again proved that it is in a high-range oscillation pattern.
As we imagined, gold first fell to test around 2472 and then received buying support, starting a rebound rhythm.
The overnight US July job vacancy report dropped sharply, stimulating gold to continue to rise to test around 2500, and it is still running at a high level.
Next, the market will focus on non-agricultural employment data, and the market hopes to get information from the Federal Reserve on the extent of the interest rate cut.
At present, the high-range adjustment is obvious, with support around 2475 and resistance around 2527. The pressure point to watch during the day is the 2500 mark. If we stand above this level, we will continue to look at the opportunity of 2510-20. Otherwise, there is a possibility of a pullback under pressure. There is really no good idea. It is recommended to wait and see.
From the analysis chart, 2507 is a big pressure. Now it is a bottoming out. Bulls pay attention to the small support of 2488. Today we will consider long opportunities at this position. If the bulls reach 2507, consider shorting. Note that it is only considered in the Asian session. If the European and American sessions go anywhere, the position may be broken. Today's idea is that both long and short positions can be taken. It is very important to find the rhythm and position.
Support is around 2471-2473, small support is 2488, pressure is 2500 and 2507, and the watershed of strength and weakness in the market is 2493
Yesterday's gold trend once again proved that it is in a high-range oscillation pattern.
As we imagined, gold first fell to test around 2472 and then received buying support, starting a rebound rhythm.
The overnight US July job vacancy report dropped sharply, stimulating gold to continue to rise to test around 2500, and it is still running at a high level.
Next, the market will focus on non-agricultural employment data, and the market hopes to get information from the Federal Reserve on the extent of the interest rate cut.
At present, the high-range adjustment is obvious, with support around 2475 and resistance around 2527. The pressure point to watch during the day is the 2500 mark. If we stand above this level, we will continue to look at the opportunity of 2510-20. Otherwise, there is a possibility of a pullback under pressure. There is really no good idea. It is recommended to wait and see.
From the analysis chart, 2507 is a big pressure. Now it is a bottoming out. Bulls pay attention to the small support of 2488. Today we will consider long opportunities at this position. If the bulls reach 2507, consider shorting. Note that it is only considered in the Asian session. If the European and American sessions go anywhere, the position may be broken. Today's idea is that both long and short positions can be taken. It is very important to find the rhythm and position.
Support is around 2471-2473, small support is 2488, pressure is 2500 and 2507, and the watershed of strength and weakness in the market is 2493
Comment
The trend has reached above the Bollinger Bands
Comment
ADP data will be released soon. This is an important market entry opportunity for traders.
But the gains and losses will be proportional. If you are not sure about the market, please contact me.x
Senior gold analyst who has been engaged in gold, US dollar, and oil trading for 12 years. Join me and I will lead my team to help you become a professional trader and expand your assets.
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