Thursday Market Analysis and Signals
Gold fluctuated in a narrow range in the Asian market on Thursday and is currently trading around $2,660/ounce. Although the Fed's interest rate cut expectations and geopolitical turmoil helped gold prices hit a record high of around $2,670 on Wednesday, gold prices then fluctuated and fell back as the decline in new home sales in the United States in August was smaller than expected, and Fed officials said inflation would not fall below 2%. The US dollar and US Treasury yields rose sharply, making gold bulls cautious.
The price of gold continued to climb to a record high, driven by economic uncertainty, geopolitical tensions and global central bank demand. If the situation continues, gold prices are expected to continue to rise, even breaking through $2,800/ounce. However, there are variables in the future, and investors should act cautiously and pay attention to risk management. At the same time, strong demand for gold from global central banks and boosted consumer confidence also support the gold market.
This trading day will release the changes in the number of initial jobless claims in the United States, the initial monthly rate of durable goods orders in the United States in August, and the final value of the second quarter GDP in the United States. Investors need to pay close attention to them. In addition, this trading day will usher in speeches by many Federal Reserve officials, and investors also need to pay attention to them. In addition, it is necessary to pay attention to news related to the geopolitical situation.
[Technical side]
Technically, as the RSI indicator of the short-term and monthly and weekly charts enters the high 80 value overbought signal, the price of gold has stagnated after yesterday's high of 2670. The US market formed a volatile downward test of the 50 mark support and made a wave of retracement. The short-term four-hour chart formed a high-level 50/70 range oscillation, the price retreated to the MA10-day moving average to stop the decline and rebound, the RSI indicator was below the high 80 value, the hourly chart Bollinger band closed, and the moving average was glued together. Let's look at the range oscillation during the day.
Trading strategy:
2647-2650 long, stop loss 2639, target 2670-2680;
2670-2674 short, stop loss 2683, target 2650-2640;
The price of gold continued to climb to a record high, driven by economic uncertainty, geopolitical tensions and global central bank demand. If the situation continues, gold prices are expected to continue to rise, even breaking through $2,800/ounce. However, there are variables in the future, and investors should act cautiously and pay attention to risk management. At the same time, strong demand for gold from global central banks and boosted consumer confidence also support the gold market.
This trading day will release the changes in the number of initial jobless claims in the United States, the initial monthly rate of durable goods orders in the United States in August, and the final value of the second quarter GDP in the United States. Investors need to pay close attention to them. In addition, this trading day will usher in speeches by many Federal Reserve officials, and investors also need to pay attention to them. In addition, it is necessary to pay attention to news related to the geopolitical situation.
[Technical side]
Technically, as the RSI indicator of the short-term and monthly and weekly charts enters the high 80 value overbought signal, the price of gold has stagnated after yesterday's high of 2670. The US market formed a volatile downward test of the 50 mark support and made a wave of retracement. The short-term four-hour chart formed a high-level 50/70 range oscillation, the price retreated to the MA10-day moving average to stop the decline and rebound, the RSI indicator was below the high 80 value, the hourly chart Bollinger band closed, and the moving average was glued together. Let's look at the range oscillation during the day.
Trading strategy:
2647-2650 long, stop loss 2639, target 2670-2680;
2670-2674 short, stop loss 2683, target 2650-2640;
Trade active
Gold is approaching its all-time high again. Do you think it can break through the historical record? Trade active
BUY2660 Signal perfect take profit 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.