Yesterday, gold closed the month with a long upper shadow doji candlestick, indicating strong upward pressure, with monthly resistance at 3439-3451. Today marks the beginning of the month, and with the release of numerous data indicators such as NFP, unemployment benefits, and PMI, there is considerable uncertainty, so intraday trading should proceed with caution.
Judging from the daily chart, the current MACD indicator is dead cross with large volume, and the smart indicator is running oversold, indicating a low-level fluctuation trend during the day. At present, we need to pay attention to the SMA60 moving average and the daily middle track corresponding to 3327-3337 on the upper side, and pay attention to the intraday low around 3280 on the lower side. The lows of the previous two days at 3275-3268 cannot be ignored. There is a possibility that the low-level oscillation will touch the previous low again.
From the 4H chart, technical indicators are currently flat, with no significant short-term fluctuations expected. Low-level volatility is expected to persist within the day. Then just focus on the support near 3275 below and the middle track pressure near 3307 above. Looking at the hourly chart, gold is currently oscillating below the mid-range band, with resistance at 3295-3307 to watch in the short term.
Overall, the market is expected to remain volatile before the release of today's data. Based on Wednesday's ADP data, this round of data is also expected to be around $100,000. The contrast between ADP and NFP last time deserves our caution. The current market is basically optimistic about the short-selling situation, which is exactly what I am most worried about. If the gold price can stabilize above 3,300 before the NY data, the possibility of NFP data being bullish cannot be ruled out.
Intraday European trading suggestion: if the current gold price falls back to 3285-3280 and stabilizes, you can consider short-term long positions, with the target at 3295-3305. If the gold price tests the low of 3275-3268 again and does not break through, you can consider a second chance to go long. After making a profit of $10-20, you can consider exiting the market with profits. The market is volatile and unstable, so be sure to bring SL with you and pay close attention to the impact of the NFP data. Conservative investors can enter the market after the data is released.
Judging from the daily chart, the current MACD indicator is dead cross with large volume, and the smart indicator is running oversold, indicating a low-level fluctuation trend during the day. At present, we need to pay attention to the SMA60 moving average and the daily middle track corresponding to 3327-3337 on the upper side, and pay attention to the intraday low around 3280 on the lower side. The lows of the previous two days at 3275-3268 cannot be ignored. There is a possibility that the low-level oscillation will touch the previous low again.
From the 4H chart, technical indicators are currently flat, with no significant short-term fluctuations expected. Low-level volatility is expected to persist within the day. Then just focus on the support near 3275 below and the middle track pressure near 3307 above. Looking at the hourly chart, gold is currently oscillating below the mid-range band, with resistance at 3295-3307 to watch in the short term.
Overall, the market is expected to remain volatile before the release of today's data. Based on Wednesday's ADP data, this round of data is also expected to be around $100,000. The contrast between ADP and NFP last time deserves our caution. The current market is basically optimistic about the short-selling situation, which is exactly what I am most worried about. If the gold price can stabilize above 3,300 before the NY data, the possibility of NFP data being bullish cannot be ruled out.
Intraday European trading suggestion: if the current gold price falls back to 3285-3280 and stabilizes, you can consider short-term long positions, with the target at 3295-3305. If the gold price tests the low of 3275-3268 again and does not break through, you can consider a second chance to go long. After making a profit of $10-20, you can consider exiting the market with profits. The market is volatile and unstable, so be sure to bring SL with you and pay close attention to the impact of the NFP data. Conservative investors can enter the market after the data is released.
Note
Trade active
Although gold only fell to around 3285 and then rebounded quickly, it did not provide us with an ideal entry opportunity. However, the current slight rebound of gold to around 3300 confirms that our short-term rebound strategy is undoubtedly correct.Not only will a lot of data be released today, but August 1 is also the last date for the Trump administration's tariffs. Before the data is released, it is not recommended that you enter the market easily. Wait until the data is released before entering the market. If gold stabilizes above 3300 before the NY session, the possibility of positive NFP data cannot be ruled out. If the gold price successfully stabilizes at 3300 due to the influence of NFP data and tariffs and sweeps upward to break through the short-term resistance of 3315, then I will consider waiting for a long opportunity to pull back below 3315-3305.
Note
NFP data favors bulls,When the market is looking to the bears, we stick to the bullish stance🤑🤑🤑Trade closed: target reached
I have already told you guys this morning that if gold holds above 3300 before the NY session, we cannot rule out the possibility of a bullish NFP. At that time, most people in the trading market were optimistic about the bearish trend, but we once again relied on our years of trading experience and forward-looking trading vision to slap the faces of those who questioned us.Gold is currently rising rapidly and testing the previous resistance level of 3345. If the resistance level of 3345 is strongly suppressed, gold will pull back and correct to accumulate momentum in preparation for subsequent rises. At present, we only need to remain patient and wait for the opportunity provided by the gold pullback. Once we find a trading opportunity that meets our expectations, we will enter the market without hesitation, but at the same time, we must be vigilant about the impact of the following data. If you encounter any difficulties in the current transaction, you can contact me for help.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📊Immersed in the trading market for many years, with professional analysis and guidance🎯the average account doubled within 2 weeks🤑. Be a wolf hunting in the trading market🐺never let go of the prey👇 join my wolf pack to get free signals👇
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.