XAUUSD: 21/8 Today's Trading Strategy Analysis
Updated
During the Asian session on Monday, spot gold dropped slightly, hitting a low of 1884.70 since March 15. Gold prices closed close to flat on Friday, but still fell 1.27% for the week, closing down for the fourth consecutive week, as recent U.S. economic data has boosted market bets that interest rates will remain at higher levels for a longer period of time. DXY is relatively strong, and the yield of U.S. bonds once approached the highest point in nearly ten years, which significantly suppressed the price of gold. Headline inflation has moderated for now, although much of the improvement can be attributed to lower energy prices. Core inflation remains hot, with concerns that inflation may not return to the 2% target anytime soon as the labor market remains extremely tight. That said, while significant progress has been made on inflation, it may be too soon for the Fed chair to celebrate victory and declare "mission accomplished." Powell's comments could also have a disproportionate impact at a time when U.S. Treasury yields are nearing their highest levels this cycle. Jackson Hole could be the catalyst for a breakout or decline, driving corresponding moves in the dollar and gold.
The gold market opened at 1912.9 at the beginning of last week. After that, the market first pulled up to 1916.3, and then the market fluctuated and fell back. The weekly line effectively fell below the previous low of 1892, and then the lowest was 1884.8. After the market was sorted out at a low level, the weekly line finally closed at After 1889.2, the market closed with a big Yin line with a lower shadow line slightly longer than the upper shadow line, so that gold continued to be under pressure after the line was closed. From the perspective of the gold trend, after gold fell below 1892, the daily and weekly lines have been negative, indicating that the recent downturn has not yet ended. However, it should be noted that the US index has already shown a downward trend, so gold has entered an anxious stage. Gold pressure 1894-1899, support 1884-1874; Summary: Gold is still running in a downward trend channel. Today's operation gives priority to rebounding and shorting, and then doing long at low prices.
Gold Operation Strategy:
SELL:1893-1896
TP1:1889
TP2:1883
BUY:1880-1883
TP1:1886
TP2:1890
The gold market opened at 1912.9 at the beginning of last week. After that, the market first pulled up to 1916.3, and then the market fluctuated and fell back. The weekly line effectively fell below the previous low of 1892, and then the lowest was 1884.8. After the market was sorted out at a low level, the weekly line finally closed at After 1889.2, the market closed with a big Yin line with a lower shadow line slightly longer than the upper shadow line, so that gold continued to be under pressure after the line was closed. From the perspective of the gold trend, after gold fell below 1892, the daily and weekly lines have been negative, indicating that the recent downturn has not yet ended. However, it should be noted that the US index has already shown a downward trend, so gold has entered an anxious stage. Gold pressure 1894-1899, support 1884-1874; Summary: Gold is still running in a downward trend channel. Today's operation gives priority to rebounding and shorting, and then doing long at low prices.
Gold Operation Strategy:
SELL:1893-1896
TP1:1889
TP2:1883
BUY:1880-1883
TP1:1886
TP2:1890
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