XAUUSD: Rebound to 2500 met resistance, will it continue to fall
Updated
Yesterday, the price of gold fell rapidly after breaking the 2500-point integer mark, falling as low as 2470, with a range of 30$. This coincides with my previous point of view. Yesterday, we bought near 2500, stopped loss in time after breaking, and turned to chasing the decline, making up for the loss caused by the buy order and earning 4K.
Now the gold price is near the 2500 mark again. I think this is still a swing level. If it cannot break through, the price will fall again. If it can break through the resistance range of 2500-2508, then the price is likely to try to reach historical highs again.
Relatively speaking, I am more inclined to fall when encountering resistance, but the specific situation still needs to be judged based on the actual situation. If there are any changes, I will inform you as soon as possible.
Now the gold price is near the 2500 mark again. I think this is still a swing level. If it cannot break through, the price will fall again. If it can break through the resistance range of 2500-2508, then the price is likely to try to reach historical highs again.
Relatively speaking, I am more inclined to fall when encountering resistance, but the specific situation still needs to be judged based on the actual situation. If there are any changes, I will inform you as soon as possible.
Trade active
The gold price has been hovering around 2500 points for 4 hours. It is certain that 2500 is indeed a resistance level.
Today, we need to pay special attention to Powell's speech, because this will provide clues for the September rate cut.
The market has not changed much because investors are waiting for Powell's speech. We must also remain patient and continue to wait and see.
Trade active
There may be fluctuations after the U.S. market opens, but the main fluctuations still require Powell's speechTrade active
Powell released his remarks on rate cuts, and the price rose by $20 in the short term. At the same time, the newly released annualized data of the total number of new home sales in July in the United States (10,000 households) was significantly bearish for gold, and the price fell. I think there are still many uncertainties today, so I am not going to trade for the time being, and I will trade when the market returns to normal.
If you want to get my thoughts on gold as soon as possible, welcome to join my channel
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