XAUUSD: Strategies for dealing with the long-short tug-of-war

8 авг.

Gold market fundamentals: XAUUSD
The weak employment report prompted the market to expect a rate cut of nearly 105 basis points by the end of the year, with a 100% chance of a rate cut in September. This expectation has given gold some support, as rate cuts usually reduce the opportunity cost of holding gold.
However, with the rise of the US dollar index and the rebound of the 10-year Treasury yield, gold's rebound has also been suppressed.
The above two points are the current shock factors that have led gold to enter the competition between long and short forces.

Gold market technical aspects:
From the Fibonacci retracement indicator of Monday's plunge, the current price has come to a dense pressure zone, 0.5 is 2411, 0.618 is 2422, and the high point of the oscillation range 2415 is also between the two, so it is not easy to break through here. If it breaks, there is a broad sky above, and if it does not break, it is likely to continue to maintain the oscillation pattern.

Trading strategy:
Although it is a tug-of-war between long and short positions, I prefer a decline that cannot break through, so I will choose to sell at a high level

Support range: 2380-2364
Resistance range: 2411-2422
Intraday risk data: US initial jobless claims, US June wholesale sales monthly rate

If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.

8 авг.

Сделка активна

Very good, the U.S. weekly jobless claims data is bearish for gold. Gold has turned from a dense resistance range to a decline. Our decision to sell at a high level is correct.

8 авг.

Сделка активна

The price of gold rebounded after falling, but it will continue to fall as long as the intensive resistance zone does not break.

8 авг.

Сделка активна

The bullish monthly wholesale sales rate of gold in the United States in June provided impetus for the rebound. The price is now hovering at the resistance point of 2422. If it is just a false breakthrough, we can retain the Sell position, but if it is an effective breakthrough, do not hold on.

8 авг.

Сделка активна

The dense resistance area is indeed very stressful. The gold price has not been able to break through the resistance area effectively after several attempts. Just continue to hold the position and wait and see.

8 авг.

Сделка закрыта вручную

The gold price failed to break through the resistance range in the previous two times, but then the upward momentum continued. At present, the resistance level of 2422 has been effectively broken. I am not prepared to continue to insist. I will stop the loss in advance and start a new signal tomorrow.