Long

Gold prices enter a recovery period and the plunge is over

Against the backdrop of concerns about economic recession, global assets are experiencing a sell-off.
But as a safe-haven asset, shouldn't gold rise? Instead, it followed the sharp drop of $100.
This situation is very abnormal, so I don't think gold will continue to fall. Once investors calm down and look back, gold will soon highlight its safe-haven characteristics.
The market now believes that the probability of the Federal Reserve cutting interest rates by 50 basis points in September is 90%, and the US dollar index is also falling, and the probability of gold prices continuing to fall is shrinking.
And the Middle East geopolitical crisis has not yet passed, and you don't know when it will break out again, leading to rising risk aversion.
Under the above multiple premises, we should not be overly bearish on gold

Technically speaking, 2420 is a watershed, which has already highlighted its importance in the previous trends that have served as resistance and support many times. Once it breaks through, it will open up room for growth.
On the contrary, gold will maintain a low-level oscillation pattern, because such actions will be carried out after a big drop or a big rise. The main support area below is 2380-2365. Be prepared to sell if it falls below.

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