XAUUSD: The most likely time to set a new high is coming
Updated
In yesterday's article, we pointed out the importance of the support area of 2470-2480, and the trend of this decline is almost the same as that in August, so we bought bullish in this range, and the result was very good.
Judging from the strength of the last rebound, the highest gold price tried to break through 2532. Similarly, I am optimistic that gold will test new highs again this time. In addition, there are many important economic data released today, and there will be a monthly NFP tomorrow. Once the data is good for gold, this time is most likely to refresh the historical high.
From the 1H chart, we can see that yesterday's strong rebound has broken the downward trend, and today's Asian and European sessions have broken through the key resistance of 2500-2505 again. Now this range has turned from resistance to support.
Trading strategy:
Although we are very optimistic about gold today, we still cannot take the risk of chasing the rise, because once the gold price falls back to the support, there is a room for a decline of 10-15$.
Therefore, today we'd better wait for the gold price to pull back to the 2500-2505 support area before buying. The target can be seen at 2520-2530, and after a new high, it can be seen at 2550.
Judging from the strength of the last rebound, the highest gold price tried to break through 2532. Similarly, I am optimistic that gold will test new highs again this time. In addition, there are many important economic data released today, and there will be a monthly NFP tomorrow. Once the data is good for gold, this time is most likely to refresh the historical high.
From the 1H chart, we can see that yesterday's strong rebound has broken the downward trend, and today's Asian and European sessions have broken through the key resistance of 2500-2505 again. Now this range has turned from resistance to support.
Trading strategy:
Although we are very optimistic about gold today, we still cannot take the risk of chasing the rise, because once the gold price falls back to the support, there is a room for a decline of 10-15$.
Therefore, today we'd better wait for the gold price to pull back to the 2500-2505 support area before buying. The target can be seen at 2520-2530, and after a new high, it can be seen at 2550.
Trade active
The ADP data just released did not meet market expectations, which is a big positive for gold, while the initial jobless claims data is a small negative. I still won't chase the rise now, and continue to wait for a pullback before buying. If there is an opportunity, do it, and if there is no opportunity, don't force a trade.Trade active
There will also be PMI data for the service industry and manufacturing industry released later. This is also data that will have an impact on the price of gold. It is also a clue to the Federal Reserve’s interest rate cut in September. You can check it carefully.Trade active
Both PMI data are negative for gold, but the negative magnitude is not large. We will continue to wait and see if the gold price is likely to fall back to the 2505-2500 range.Trade active
Gold price reaches support rangeTrade active
The price of gold began to rebound after hitting 2505. We are already in a profitable state and continue to hold positions to rise.Trade active
Gold price is rising very well, there is a little resistance at 2513, conservative people can take profit and close the position now, aggressive people can continue to holdTrade active
I have closed with profit. Today's strategy is still very accurate. The gold price has pulled back to the buying range of 2500-2505, and then rebounded. Now it has reached around 2516.
At the same time, I have also achieved the goal of earning 100K from 30K a month. I am still very satisfied with the overall trading results during this period. At the same time, congratulations to all friends who follow the transaction. I believe everyone has made a lot of money.
I will update my trading strategies and ideas in the channel as soon as possible every day. Friends who need reference are welcome to join
Trade active
Today's market doesn't have much energy anymore. Let's go to bed early. We will make a new trading plan tomorrow.Trade active
You can continue to wait for the retracement to buy today.
If you want to get my thoughts on gold as soon as possible, welcome to join my channel
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
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