XAUUSD: Buy when it falls back to the support rangeGold market fundamentals:
Affected by this week's US economic data, according to the CME FedWatch Tool, the market currently has a 55.5% probability of the Federal Reserve cutting interest rates by 50 basis points in September, down from the previous 70%.
The increase in geopolitical risks in the Middle East has led to an increase in safe-haven demand (it is not convenient to explain in detail here, you can learn about the latest Middle East conflicts on your own)
Gold market technical aspects:
Yesterday I said that once the dense resistance range of 2411-2422 is broken, the potential for growth will increase. Now that the gold price has come above the resistance range, the dense resistance area has also turned into a dense support area. At the same time, this rebound has now formed an upward trend. If it can break through 2430-2440, then the gold price is likely to test the historical high again.
Trading strategy:
In the figure, 2416 is the previous high and the support of the lower track of the Bollinger Band. 2422 is the support of the middle track of the Bollinger Band and the Fibonacci retracement of 0.618. Therefore, I will buy if it falls back to the support range of 2416-2422 today, and I am bullish on 2430-2440.
Support range: 2410-2400
Resistance range: 2430-2440
Daily risk data: Canada's July employment (little impact)
