XAUUSD: Buy bullish in 2500-2505 area, target 2530
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Gold fundamentals:
The US dollar continued to fall, closing at a low of 100.55, and fell 3.2% in August, the largest monthly drop since November 2022, which significantly increased the attractiveness and demand for gold.
The market's expectation of a rate cut in September is almost a foregone conclusion. The current focus is on the possibility of a 50 basis point rate cut. Rate cuts usually reduce the opportunity cost of holding gold, making gold more attractive as an interest-free asset.
In addition, Powell's dovish signal at the Kansas City Fed meeting has boosted demand for non-US dollar wealth storage tools. Futures traders expect a cumulative rate cut of about 106 basis points in 2024, which further enhances the market's bullish expectations for gold.
At the same time, the escalation of geopolitical conflicts in the Middle East and Russia-Ukraine has intensified the market's risk aversion and further promoted demand for gold.
Gold technical aspects:
In yesterday's gold analysis, I clearly mentioned the support strength of the 2500-2505 area, and this area has resisted the decline for many times without breaking, so we can still continue to believe in the support of this area. If it retreats to this area during the day, you can consider buying again.
Of course, we still need to consider the precautionary actions after the break here. Combined with the above analysis, my trading strategy today is similar to yesterday, as follows:
First of all, the main bullish, as long as the gold price retreats to the 2500-2505 area, you can consider buying, the target is 2530, 2550
On the contrary, if it effectively falls below 2500, you can choose to sell near 2500. What needs to be noted here is the effective break, not the false break
If you have different opinions or questions, please speak up, let's discuss the latest ideas of GOLD together
The US dollar continued to fall, closing at a low of 100.55, and fell 3.2% in August, the largest monthly drop since November 2022, which significantly increased the attractiveness and demand for gold.
The market's expectation of a rate cut in September is almost a foregone conclusion. The current focus is on the possibility of a 50 basis point rate cut. Rate cuts usually reduce the opportunity cost of holding gold, making gold more attractive as an interest-free asset.
In addition, Powell's dovish signal at the Kansas City Fed meeting has boosted demand for non-US dollar wealth storage tools. Futures traders expect a cumulative rate cut of about 106 basis points in 2024, which further enhances the market's bullish expectations for gold.
At the same time, the escalation of geopolitical conflicts in the Middle East and Russia-Ukraine has intensified the market's risk aversion and further promoted demand for gold.
Gold technical aspects:
In yesterday's gold analysis, I clearly mentioned the support strength of the 2500-2505 area, and this area has resisted the decline for many times without breaking, so we can still continue to believe in the support of this area. If it retreats to this area during the day, you can consider buying again.
Of course, we still need to consider the precautionary actions after the break here. Combined with the above analysis, my trading strategy today is similar to yesterday, as follows:
First of all, the main bullish, as long as the gold price retreats to the 2500-2505 area, you can consider buying, the target is 2530, 2550
On the contrary, if it effectively falls below 2500, you can choose to sell near 2500. What needs to be noted here is the effective break, not the false break
If you have different opinions or questions, please speak up, let's discuss the latest ideas of GOLD together
Giao dịch đang hoạt động
Gold prices are testing the strength of the support range, keep a close eye on itGiao dịch đang hoạt động
The past 1-hour K-line just broke through 2500 points, not an effective breakthrough. Now we can see that the price has rebounded from below 2500 points, so we can continue to be bullish.Giao dịch đang hoạt động
The price of gold is now stable around 2505. As long as this area is supported for long enough, it will inevitably attract more bullish forces, which also indicates that gold will start to rise here. Therefore, we need to pay close attention to the support situation in the 2500-2505 area.Giao dịch đang hoạt động
At present, it seems to have stabilized above 2505. Next, stay patient and wait for the rise.Giao dịch đang hoạt động
The overall market fluctuations today are not big. Now the price has reached 2509. Our orders placed in the buying range of 2500-2505 are now making a small profit. Now that the market activity has decreased, I don’t plan to continue holding it. I have closed the position and will start a new trading plan tomorrow.Giao dịch đang hoạt động
The lows of gold prices are constantly moving downwards. If it cannot break through the previous high tomorrow, I think it may start a downward trend.
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