XAUUSD: Rebound is not a reversal, ready for a sharp drop
Updated
7.29 Gold Sharing and Trading Strategy
Last Friday, gold rebounded due to PEC data, and the escalation of the conflict between Israel and Lebanon led to an increase in risk aversion, and the price of gold once rushed to $2,400.
However, political risks obviously overshadowed the subsequent Fed interest rate decision. The data reflected by PCE showed that inflation remained strong. Although it was close to the central bank's target level of 2%, the market still hoped that the easing cycle would start in September.
From the 4-hour chart, it can be clearly seen that the current gold is a head and shoulders top pattern. The shoulder position has now been completed, and it is very likely to usher in a plunge here.
From the figure, we can see that referring to the previous trend, the support below will be at 2350, 2320, and 2300, so we can use the previous pressure levels of 2385, 2400, and 2410 to sell
Last Friday, gold rebounded due to PEC data, and the escalation of the conflict between Israel and Lebanon led to an increase in risk aversion, and the price of gold once rushed to $2,400.
However, political risks obviously overshadowed the subsequent Fed interest rate decision. The data reflected by PCE showed that inflation remained strong. Although it was close to the central bank's target level of 2%, the market still hoped that the easing cycle would start in September.
From the 4-hour chart, it can be clearly seen that the current gold is a head and shoulders top pattern. The shoulder position has now been completed, and it is very likely to usher in a plunge here.
From the figure, we can see that referring to the previous trend, the support below will be at 2350, 2320, and 2300, so we can use the previous pressure levels of 2385, 2400, and 2410 to sell
Trade active
Gold is rebounding, ready to sell in the 2385-2390 rangeTrade active
Under volatile market conditions, you must have enough patience and do not enter hastily.Trade active
Gold price rebounded to 2390 and stopped rising, preparing to fallTrade active
Now the overall trend has turned from rising to falling, but the fluctuations in the Asian and European markets are not large, so we just need to wait patiently.Trade active
The gold price is hovering around 2390. Obviously there is resistance here. If the price cannot break through, then a fall is inevitable. We don't need to do anything, just wait quietly for the fall.
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