XAUUSD: Risk aversion heats up, continues to be bullish
Updated
Gold Market Fundamentals:
Yesterday, gold prices surged by over $40 due to escalating tensions in the Middle East, driving safe-haven inflows. Israel’s military actions in Gaza, potential Iranian retaliation, and Ukrainian attacks on Russia’s Kursk region have all heightened investor demand for gold. Additionally, the market's heightened sensitivity to geopolitical risks has increased gold’s appeal as a safe-haven asset. The market now sees a 49% chance of a 50 basis point rate cut by the Fed in September. Falling U.S. Treasury yields are also supporting gold prices.
Gold Market Technicals:
Technically, the uptrend remains strong. After yesterday's rapid price increase, gold is facing resistance at previous highs. According to Fibonacci retracement, the 0.786 level is at 2456, which has shown some support but not strongly. The next strong support area is significantly lower than the current price.
Trading Strategy:
I have bought at 2461, targeting 2480 and 2500
Support Range: 2456, 2435
Resistance Range: Around 2480
Intraday Risk Data: U.S. July PPI
If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.
Yesterday, gold prices surged by over $40 due to escalating tensions in the Middle East, driving safe-haven inflows. Israel’s military actions in Gaza, potential Iranian retaliation, and Ukrainian attacks on Russia’s Kursk region have all heightened investor demand for gold. Additionally, the market's heightened sensitivity to geopolitical risks has increased gold’s appeal as a safe-haven asset. The market now sees a 49% chance of a 50 basis point rate cut by the Fed in September. Falling U.S. Treasury yields are also supporting gold prices.
Gold Market Technicals:
Technically, the uptrend remains strong. After yesterday's rapid price increase, gold is facing resistance at previous highs. According to Fibonacci retracement, the 0.786 level is at 2456, which has shown some support but not strongly. The next strong support area is significantly lower than the current price.
Trading Strategy:
I have bought at 2461, targeting 2480 and 2500
Support Range: 2456, 2435
Resistance Range: Around 2480
Intraday Risk Data: U.S. July PPI
If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.
Trade active
Gold price rebounded from below 2460, and now it is at 2470, and the rebound momentum is good. It is very likely to test the previous high again. We continue to hold bullish positions and wait and see.Trade active
The gold price has now risen to 2475, getting closer and closer to the previous high. The resistance it faces will gradually increase. Pay close attention to this resistance range. If it still cannot break through, you need to consider taking profits in time.Trade active
Judging from the two 1-hour K-lines just now, the lower shadow is long, indicating that the bulls are in the upper hand, so I think we can continue to hold bullish positions.Trade active
Gold prices continue to fluctuate at high levels, we continue to wait patientlyTrade active
Now that gold fluctuations are gradually slowing down, the possibility of breaking through the previous high today is slim. Now I have closed the order and made a profit of 2K, which is a little closer to the 100K target.
I am not going to continue trading today and will start a new transaction tomorrow.
So far, the profit is 21388 and the balance is 43074
Trade closed manually
Gold is moving downwards and is likely to adjust again
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