XAUUSD: Buy again during the wait for the pullback
Updated
Gold Market Fundamentals:
The current rise in gold prices reflects the market's intense focus on Fed policy. The market widely expects a rate cut in September, with a 77.5% chance of a 25 basis point cut and a 22.5% chance of a 50 basis point cut, which supports gold prices. This week's focus is on the Fed's policy minutes and Powell's speech at the Jackson Hole Symposium, which will provide crucial insights into future monetary policy and influence gold's direction.
Despite gold hitting new highs, several Asian banks have received new gold import quotas from central banks, indicating increased demand for safe-haven assets. The stalemate in negotiations between Israel and Hamas, along with Israel's attacks on Hezbollah in Lebanon, has escalated tensions in the Middle East, further boosting demand for gold.
Gold Market Technicals:
Gold has reached a new all-time high today, with no resistance above. As long as bullish momentum outweighs bearish pressure and there are no significant news events, prices are likely to continue rising. On the downside, focus on support near previous highs and the 2500 level.
Trading Strategy:
Based on the above analysis, maintain a bullish outlook today. Continue to approach high-level trading with caution, waiting for pullbacks to buy within the lower support range rather than chasing the rally.
Support Range: 2500-2508, 2460-2475
Resistance Range: No resistance at historical highs
If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.
The current rise in gold prices reflects the market's intense focus on Fed policy. The market widely expects a rate cut in September, with a 77.5% chance of a 25 basis point cut and a 22.5% chance of a 50 basis point cut, which supports gold prices. This week's focus is on the Fed's policy minutes and Powell's speech at the Jackson Hole Symposium, which will provide crucial insights into future monetary policy and influence gold's direction.
Despite gold hitting new highs, several Asian banks have received new gold import quotas from central banks, indicating increased demand for safe-haven assets. The stalemate in negotiations between Israel and Hamas, along with Israel's attacks on Hezbollah in Lebanon, has escalated tensions in the Middle East, further boosting demand for gold.
Gold Market Technicals:
Gold has reached a new all-time high today, with no resistance above. As long as bullish momentum outweighs bearish pressure and there are no significant news events, prices are likely to continue rising. On the downside, focus on support near previous highs and the 2500 level.
Trading Strategy:
Based on the above analysis, maintain a bullish outlook today. Continue to approach high-level trading with caution, waiting for pullbacks to buy within the lower support range rather than chasing the rally.
Support Range: 2500-2508, 2460-2475
Resistance Range: No resistance at historical highs
If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.
Trade active
The current fluctuations in gold prices are gradually slowing down. We wait patiently for the opening of the U.S. market and try not to chase the rise.Trade active
I will not trade without a pullback. Although I did not trade in the previous two trading days, there is really no reference point at the current position. If I chase the rise at a high level without support, I think the risk is really too great.
Therefore, I will still stick to my bottom line and not trade with uncertainty. Even if I don’t trade, I will not take the risk of forcing a trade.
Trade active
Because once this place is determined to run downward from the top, the distance to the support is 20$. If the support breaks, it will further open up a larger space for decline.
Opportunities are always there, there is no need to take this risk
Trade active
When the article was updated yesterday, the price of gold was at 2523. In the article, I clearly stated not to risk chasing the rise because the price is at a high level, 20$ away from the nearest support, and there is also the risk of the support breaking. If you chase the rise, the losses will be unbearable.
The subsequent results indeed verified my prediction. The price of gold fell from the highest of 2531 to the lowest of 2501, a drop of 30$. Although it was difficult for us to wait for buying near the low support, our waiting was rewarded, and the final result was Also very good, gold prices made a second rise from lows.
My trading philosophy is to trade when there are good opportunities. If there are no good opportunities, I will not take risks. I am very satisfied if I only make money that I can make.
Trade active
I have some personal matters today, so I don't have time to update you with detailed trading strategies. I will just briefly talk about it.
At present, there is a risk of a correction in gold. If it cannot continue to break the previous high, I will not continue to be bullish. 2500 is a key point. If it breaks, it may adjust downward by 30-50$, so you need to pay special attention.
If you want to get my thoughts on gold as soon as possible, welcome to join my channel
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