Here’s why gold exploded, trading strategies

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In the Asian market on Tuesday, gold fluctuated in a narrow range and is currently trading around 2667, holding most of the overnight gains. Gold prices hit a two-week high of 2676 on Monday, climbing more than 1%, because the Chinese central bank resumed buying gold after a six-month hiatus, and expectations of a rate cut by the Federal Reserve next week also increased bullish sentiment, and the geopolitical situation also boosted safe-haven buying demand.

It should be reminded that the US dollar index and US Treasury yields rose slightly, which made gold bulls still cautious. The price of gold is still in a range of nearly two weeks. Before the release of US CPI data on Wednesday, gold may still maintain a volatile trend. This trading day will also usher in the Reserve Bank of Australia's interest rate decision, and investors also need to pay attention.

Gold surged and fell back in the late trading. It is expected that today it will be corrected before it can further test the sideline and upper line again. From the channel point of view, this wave of rebound has not shown a signal of turning bearish in the daily chart, so it is still a priority to buy at a low price! The daily support is around 2644. However, the support in the Asian session is around 2654!

Under the stimulation of risk aversion, gold finally fluctuated upward. Yesterday, gold rose to 2676 in the US market and fell back in the short term. Gold fell as expected, but the decline in gold was not large. Bulls began to accumulate momentum to rise. Gold fell back in the Asian session and went long!

Gold crossed the 1-hour moving average. If all the moving averages diverge upward, then gold still has room to move upward. The 1-hour moving average support of gold moved up to the 2644 line. Gold can enter the market near 2654 first.

First support: 2654, second support: 2644, third support: 2632

First resistance: 2676, second resistance: 2688, third resistance: 2700

Trading strategy:

BUY: 2652-2654
SELL: 2676-2678

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SELL2676 has made a profit of 60pips

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Ghi chú

The trend of gold in the European session is in line with expectations. After falling back, it continued to rise. The point of the retracement of 2661 is also at the support of the moving average.
At present, the gold market remains strong and is ready to attack 2680. Wait for the gold price to adjust slightly to continue to go long!

The market is going strong and going long, and it can only go long at the moment. The upper 2679 has reached 2679 twice and has not yet broken through. It is not possible to pursue the long position in the short term. And with the current strong situation, it is impossible to make a deep retracement. For the NY market In terms of operation, it is crucial to have a good stop loss and properly grasp the point!
There are opportunities above the 2662 support!

BUY: 2665-2663