XAUUSD: 2531 high will definitely be refreshed
Updated
Gold market fundamentals:
Powell made a speech on interest rate cut last Friday. The September interest rate cut is a foregone conclusion, and the probability of a 50 basis point interest rate cut has increased.
The US dollar index and US Treasury yields continue to fall.
The Middle East and Russia-Ukraine geopolitical crises are intensifying, and risk aversion continues to rise.
Gold market technical aspects:
From the 4H chart, gold prices still maintain an upward trend. Last week's correction did not effectively fall below the Fibonacci retracement of 0.618. According to the wave theory, from 2380 to 2530, this is the rise of AB waves, and now it is the extension of C waves. According to the amplitude of each wave, the high point of 2531 will definitely be refreshed.
Trading strategy: Now it depends on when 2531 breaks through. If it breaks through directly, we will chase the rise. If there is no break, wait for the retracement to the 2510-2515 range to buy.
Support range: 2515, 2510, 2500
Resistance range: 2531
Daily risk data:
US durable goods orders monthly rate in July
US Dallas Fed business activity index in August
Powell made a speech on interest rate cut last Friday. The September interest rate cut is a foregone conclusion, and the probability of a 50 basis point interest rate cut has increased.
The US dollar index and US Treasury yields continue to fall.
The Middle East and Russia-Ukraine geopolitical crises are intensifying, and risk aversion continues to rise.
Gold market technical aspects:
From the 4H chart, gold prices still maintain an upward trend. Last week's correction did not effectively fall below the Fibonacci retracement of 0.618. According to the wave theory, from 2380 to 2530, this is the rise of AB waves, and now it is the extension of C waves. According to the amplitude of each wave, the high point of 2531 will definitely be refreshed.
Trading strategy: Now it depends on when 2531 breaks through. If it breaks through directly, we will chase the rise. If there is no break, wait for the retracement to the 2510-2515 range to buy.
Support range: 2515, 2510, 2500
Resistance range: 2531
Daily risk data:
US durable goods orders monthly rate in July
US Dallas Fed business activity index in August
Trade active
Gold is adjusting, buy it in the range of 2510-2515Trade active
The gold price has retreated to the buying range, I have bought at 2511Trade active
Gold prices show signs of stopping falling in the buying range, now it depends on when to start risingTrade active
Gold started to rise after falling back to our buying range. It is currently at 2523. Looking back, our buying range is still very accurate. Now we are waiting for the gold price to continue to rise and see if it can set a new historical high here. If it can break through, then the upside will continue to expand.Trade active
It seems that it is moving sideways now, so continue to be patient.Trade closed manually
The rebound in gold price is not strong. Now the market is about to close. I am going to close the profit taking and start new trading tomorrow. See you all tomorrow.
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📣Free channel: t.me/Antony_TP
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