XAUUSD: Remain cautious and wait for pullbacks to buy

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Sharing of gold strategy and operation ideas on July 31

Yesterday, Israel launched an airstrike on the capital of Lebanon, targeting the commander of Hezbollah, which led to an increase in risk aversion. Safe havens such as gold and silver suddenly soared in the case of a decline. This morning, the news that the top leader of Hamas was assassinated in Iran again escalated the increasingly tense geopolitical crisis in the Middle East, and the price of gold rose directly to 2425 points. This makes people have to worry that the powder keg of the Middle East may explode at any time.

In addition to the geopolitical crisis, today we also need to pay attention to the impact of the Fed's interest rate decision. According to market forecasts, the previous value was 5.5%, and the forecast value was also 5.5%. In my opinion, there should be no surprises in the announcement of the results. But we need to focus on the speech of Fed Chairman Powell after the data is released. Is it hawkish or dovish? This is what really affects the trend of gold prices.

Due to yesterday's sudden incident, our bearish signal yesterday was stopped, and the current price came to 2418 points, which changed the current technical form. The previous pressure of 2400 and 2410 has now become support. If today's data is bullish for gold, the price is likely to continue to test the previous high of 2430, or even reach a recent high. If it is bearish, the price will return to below 2400 again.

Therefore, today we strive to make a steady layout and patiently wait for the price to fall back to support and buy, with the target being the previous high of 2430.

The above strategy is for reference only

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ADP data is slightly bullish for gold. Aggressive friends can buy in small positions

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The slight positive impact of ADP is not significant. Continue to wait for the retracement support to enter

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The just released U.S. June existing home sales index monthly rate is significantly negative, but the reflection on the gold price is not obvious. Everything still depends on the Fed's interest rate decision and Powell's speech.

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There are still 1-2 hours before the Fed's interest rate decision and Powell's speech. The Fed's interest rate decision is likely to remain unchanged, but Powell's speech will give clues about the September rate cut. Therefore, every sentence, even every word, may affect the direction of gold prices. Be prepared to pay close attention.

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As expected, the Fed's interest rates were in line with market expectations and remained unchanged.

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Giao dịch đang hoạt động

Today's gold price is generally in line with expectations. The intraday trend is quite tangled and has been in a state of sideways fluctuation. The release of multiple data such as ADP has not changed the trend.

The Fed's interest rate announcement is also in line with expectations, without any changes. Only after Powell released his remarks on interest rate cuts did the gold price rise.

The only shortcoming is that the gold price did not fall back to support. Fortunately, during the fluctuation period, we bought a small position at 2420 and reached TP2440

Today's sharing ends here, and we will continue tomorrow