Gold rebounds to resistance zone and continues to sell
Updated
Gold market fundamentals:
Yesterday's CPI data adjusted the market's expectations for the Fed's September rate cut, from 50 basis points to 25 basis points (bad for gold)
The ceasefire negotiations between Israel and Hamas will be held in Doha, which will have an important impact on the situation in the Middle East (bad for gold)
Although the Ukrainian army's advance to the Kursk region of Russia was counterattacked by the Russian army, the complexity of this situation has increased market concerns about security (good for gold)
Gold market technical aspects:
Referring to the Fibonacci retracement of yesterday's decline, 0.5 is 2459, 0.618 is 2464, today we can sell around two retracement levels
Trading strategy: The multiple US data just released are bad for gold. Combined with the above factors, we mainly short today, in the retracement range of 2459-2459
Support range: 2440, 2430
Resistance range: 2476-historical high
Yesterday's CPI data adjusted the market's expectations for the Fed's September rate cut, from 50 basis points to 25 basis points (bad for gold)
The ceasefire negotiations between Israel and Hamas will be held in Doha, which will have an important impact on the situation in the Middle East (bad for gold)
Although the Ukrainian army's advance to the Kursk region of Russia was counterattacked by the Russian army, the complexity of this situation has increased market concerns about security (good for gold)
Gold market technical aspects:
Referring to the Fibonacci retracement of yesterday's decline, 0.5 is 2459, 0.618 is 2464, today we can sell around two retracement levels
Trading strategy: The multiple US data just released are bad for gold. Combined with the above factors, we mainly short today, in the retracement range of 2459-2459
Support range: 2440, 2430
Resistance range: 2476-historical high
Trade active
In addition, I need to remind everyone that today is a day of intensive data release. The monthly rate of industrial output in the United States in July was just announced, which is bullish for gold. The price of gold rebounded by 20$ in an instant. Two more data will be released later. In the market now As the long-short tug-of-war and the sensitivity to data increase, the impact of the data will also be amplified. Therefore, everyone needs to pay close attention. To be prudent, you may even consider not trading today.Trade active
Gold rebounded to the resistance range, SellTrade active
Gold rebounded to the resistance range and stopped rising. You can consider looking for a suitable opportunity to sell within the resistance range.Trade active
Gold has begun to turn downward in the resistance zone, and our Sell order has begun to make profitsTrade active
The price returns to the resistance range again. Those who are not selling can intervene in this range.Trade active
Gold is currently experiencing a gradual slowdown in volatility, with prices remaining below the resistance range. Those with open sell orders can consider taking profits or continue to hold. If this resistance range is not broken tomorrow, it will fall, but once it is broken, it is likely to test the historical high again
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