XAUUSD: 25/8 Gold Trading Strategy Today
Updated
Yesterday the U.S. Department of Labor said initial claims for state unemployment benefits fell by 10,000 to a seasonally adjusted 230,000 for the week ended Aug. 19. Economists polled by Reuters had expected 240,000 new claims in the latest week. The jobless benefits report may have also provided some support for the dollar on the day, but overall the gold market's reaction to the data was subdued. Yesterday the gold market fluctuated in a range. The market opened at 1916.2 in early trading. After that, the market first pulled up to 1922.9, and then the market quickly fell back. The Fibonacci pressure of 38.2 fell back in late trading, and the daily line finally closed at 1916.7. Afterwards, the market closed in the form of a long-line cross star with an upper shadow line slightly longer than the lower shadow line, and gold ushered in an adjustment.
The trend of gold yesterday was relatively simple. During the day as a whole, it went down slowly on one side. After encountering support, it began to rebound and continued the trend of long positions. After hitting a high point, it went down again. Yinxian, the previous weak downward pattern has been completely broken, and Wednesday's big Yangxian just laid the foundation for this wave of upward movement. It has changed the previous weak form, and has now stabilized at 1900 points. It is expected that there will be further upward shocks . In the 4-hour chart, the market went up and down, and then returned to its original position after rushing up. It seemed strong, but it also seemed to be an illusion. To a certain extent, it will limit the upside of gold, and in terms of trend, it is currently in the stage of rebound correction. At the end of the week, it is very easy to close the whole week lower, so short-term trading is cautiously waiting.
To sum up, a conclusion can be drawn: after the rise of gold, an adjustment pattern has been formed. At the top, focus on the 1922-26 resistance, and at the bottom, focus on the 1911-1907 support, to prevent the gold from turning short after an accidental break.
Gold Operation Strategy:
Buy: 1909-1911
TP1:1915
TP2:1920
SELL:1922-1924
TP1:1917
TP2:1913
The trend of gold yesterday was relatively simple. During the day as a whole, it went down slowly on one side. After encountering support, it began to rebound and continued the trend of long positions. After hitting a high point, it went down again. Yinxian, the previous weak downward pattern has been completely broken, and Wednesday's big Yangxian just laid the foundation for this wave of upward movement. It has changed the previous weak form, and has now stabilized at 1900 points. It is expected that there will be further upward shocks . In the 4-hour chart, the market went up and down, and then returned to its original position after rushing up. It seemed strong, but it also seemed to be an illusion. To a certain extent, it will limit the upside of gold, and in terms of trend, it is currently in the stage of rebound correction. At the end of the week, it is very easy to close the whole week lower, so short-term trading is cautiously waiting.
To sum up, a conclusion can be drawn: after the rise of gold, an adjustment pattern has been formed. At the top, focus on the 1922-26 resistance, and at the bottom, focus on the 1911-1907 support, to prevent the gold from turning short after an accidental break.
Gold Operation Strategy:
Buy: 1909-1911
TP1:1915
TP2:1920
SELL:1922-1924
TP1:1917
TP2:1913
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