Gold continues to rise
Updated
As tensions in the Middle East continue to escalate, the gold market has once again become the focus of investors' attention. Against this background, the spot gold price performed strongly in the early trading session of the European market on Monday (August 12), successfully breaking through the US$2,440/ounce mark, and is currently stable at around US$2,442/ounce, with an intraday increase of nearly US$12. Tensions in the Middle East are undoubtedly an important factor supporting the rise in gold prices. Potential conflicts between Israel and Iran, as well as U.S. deployments in the Middle East, have heightened market uncertainty, thereby boosting demand for gold as a safe-haven asset. US Defense Secretary Austin's latest statement that the United States will strengthen its power in the Middle East further highlights the rise in geopolitical risks. In terms of market sentiment, investors are paying close attention to the U.S. Consumer Price Index (CPI) data to be released on Wednesday. This data has important guiding significance for the direction of the Federal Reserve's policy and may also have a significant impact on gold prices. Currently, the market expects CPI data to show prices rising 0.2% from the previous month, which may bring more volatility to the gold market.
Looking ahead, investors are cautious, awaiting key U.S. inflation data before making major bets on gold. The U.S. Producer Price Index (PPI) will be released on Tuesday, followed by the Consumer Price Index (CPI) on Wednesday. In addition, the U.S. retail sales data released on Thursday will affect expectations for the direction of the Federal Reserve's policy, affect demand for the U.S. dollar, and may drive gold price trends. The development of the geopolitical situation will also affect the short-term trend of gold. Although the market expects the Federal Reserve to cut interest rates by 25 basis points in September, and some are even considering a 50 basis point cut, the dollar still maintains its upward momentum. However, the dollar's gains may be short-lived amid expectations of rate cuts and heightened risk appetite in stocks. Normally, positive equity sentiment would challenge this safe-haven asset, but several factors continue to support the dollar and limit downside risks. Federal Reserve Governor Michelle Bowman noted on Sunday that the Fed may not be prepared to cut interest rates in September, citing inflation risks and a strong labor market. However, this did not result in significant dollar buying or a significant impact on gold prices.
The 4-hour and daily levels maintain a bullish pattern, but a high-level stagflation pattern appears in the short term. The hourly chart continues to rise to test the high point, but ultimately failed to form a strong rise, which is regarded as a sideways correction. This correction is still a relay correction of the bullish trend. The main idea in the short term is still to be long. The prediction of the overall trend remains the same as the idea given in the weekend article. Gold is currently fluctuating around a high range with 2400-2410 as support and 2445-2450 as suppression. On the whole, the short-term operation strategy for gold today is to focus on callbacks and longs. The short-term focus on the upper side is the 2440-2445 line of resistance, and the short-term focus on the lower side is the 2416-2418 line of support.
Looking ahead, investors are cautious, awaiting key U.S. inflation data before making major bets on gold. The U.S. Producer Price Index (PPI) will be released on Tuesday, followed by the Consumer Price Index (CPI) on Wednesday. In addition, the U.S. retail sales data released on Thursday will affect expectations for the direction of the Federal Reserve's policy, affect demand for the U.S. dollar, and may drive gold price trends. The development of the geopolitical situation will also affect the short-term trend of gold. Although the market expects the Federal Reserve to cut interest rates by 25 basis points in September, and some are even considering a 50 basis point cut, the dollar still maintains its upward momentum. However, the dollar's gains may be short-lived amid expectations of rate cuts and heightened risk appetite in stocks. Normally, positive equity sentiment would challenge this safe-haven asset, but several factors continue to support the dollar and limit downside risks. Federal Reserve Governor Michelle Bowman noted on Sunday that the Fed may not be prepared to cut interest rates in September, citing inflation risks and a strong labor market. However, this did not result in significant dollar buying or a significant impact on gold prices.
The 4-hour and daily levels maintain a bullish pattern, but a high-level stagflation pattern appears in the short term. The hourly chart continues to rise to test the high point, but ultimately failed to form a strong rise, which is regarded as a sideways correction. This correction is still a relay correction of the bullish trend. The main idea in the short term is still to be long. The prediction of the overall trend remains the same as the idea given in the weekend article. Gold is currently fluctuating around a high range with 2400-2410 as support and 2445-2450 as suppression. On the whole, the short-term operation strategy for gold today is to focus on callbacks and longs. The short-term focus on the upper side is the 2440-2445 line of resistance, and the short-term focus on the lower side is the 2416-2418 line of support.
Trade active
Today's gold operation suggestion is to be bullish but not chase the rise. Wait for gold to pull back to 2416-18 and then continue to go long on gold. TP2440-45Trade active
You still cannot buy gold at the moment. You need to wait for gold to pull back to 2416-18 before you can buy gold directly. TP2445-48Trade active
Today's gold rise was within our prediction. We have accurately predicted the gold trend for two months.Trade active
Today's gold trading strategy is still mainly long. Don't try to short gold. Gold still has room to rise. Wait for gold to go long at 2436-38, TP2455-58Trade active
Today's gold trading strategy is still mainly long. Don't try to short gold. Gold still has room to rise. Wait for gold to go long at 2436-38, TP2455-58Trade active
Today we perfectly predicted the rise of gold. We have predicted the trend of gold for two consecutive months.Trade active
Today we perfectly predicted the rise of gold. We have predicted the trend of gold for two consecutive months.
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