XAUUSD: 18/8 Gold Trading Strategy Today
In early Asian trading on Friday, spot gold rebounded slightly after the recent slump, and the price of gold is now at $1,893. Gold fell towards $1,885 on Thursday, its lowest level since March 13. A stronger DXY and higher U.S. Treasury yields were responsible for gold's decline. Spot gold closed at US$1,889.11 on Thursday, down US$2.80, or 0.15%, with an intraday high of US$1,903.44 and a minimum of US$1,884.93. It faces renewed selling pressure against a backdrop of a stronger dollar and rising U.S. Treasury yields. Gold prices closed below the 200-day moving average on Thursday. Adding to hawkish bets on the Fed on Wednesday, minutes from the Federal Open Market Committee (FOMC) meeting showed members were open to continuing to raise interest rates due to upside risks related to inflation and noted that the labor market remains extremely tight . Expectations that U.S. interest rates could be higher for longer have pushed the yield on the benchmark 10-year U.S. Treasury bond to its highest level since October, making non-yielding bullion less attractive to investors.
From the perspective of the daily line structure, gold has closed in the negative for 4 consecutive trading days this week. In addition to the continuous decline last week, it has been falling continuously for almost two consecutive weeks. Such an extreme trend is not common, and it is enough Indicates the current negative and pessimistic state of bulls. Judging from the hourly chart, the rhythm of gold and DXY yesterday has a certain degree of coordination, but there is also a disconnection, that is, when DXY is under pressure and recovers, gold rebounds slightly, and when DXY rebounds and measures pressure, gold falls sharply. The rhythm clearly shows that the gold bulls are still in a state of serious lack of confidence. The lack of confidence is caused by two factors. One is that after gold itself fell below the key support, the confidence of market bulls was damaged; And these two factors complement each other, so if gold wants to turn to an upward trend in the future, it must be based on the DXY recovery, and it must be technically back above 1900, otherwise it will still be very difficult Forming an effective upward trend, if there is a recovery but cannot stand above the key position, then it can only be regarded as a short-term oversold rebound.
Therefore, today's gold operation idea Jiesse suggests that as yesterday, the rebound is mainly short at high levels, supplemented by callback at low levels, and the upper part focuses on the first-line resistance of 1900-1903, and the lower part focuses on the first-line support of 1890-1885. If it breaks the 1880 line, continue to look at the 1867 position below, and don't go long yet.
Gold operation strategy:
SELL:1897-1900
TP1:1893
TP2:1890
BUY:1881-1884
TP1:1886
TP2:1890
From the perspective of the daily line structure, gold has closed in the negative for 4 consecutive trading days this week. In addition to the continuous decline last week, it has been falling continuously for almost two consecutive weeks. Such an extreme trend is not common, and it is enough Indicates the current negative and pessimistic state of bulls. Judging from the hourly chart, the rhythm of gold and DXY yesterday has a certain degree of coordination, but there is also a disconnection, that is, when DXY is under pressure and recovers, gold rebounds slightly, and when DXY rebounds and measures pressure, gold falls sharply. The rhythm clearly shows that the gold bulls are still in a state of serious lack of confidence. The lack of confidence is caused by two factors. One is that after gold itself fell below the key support, the confidence of market bulls was damaged; And these two factors complement each other, so if gold wants to turn to an upward trend in the future, it must be based on the DXY recovery, and it must be technically back above 1900, otherwise it will still be very difficult Forming an effective upward trend, if there is a recovery but cannot stand above the key position, then it can only be regarded as a short-term oversold rebound.
Therefore, today's gold operation idea Jiesse suggests that as yesterday, the rebound is mainly short at high levels, supplemented by callback at low levels, and the upper part focuses on the first-line resistance of 1900-1903, and the lower part focuses on the first-line support of 1890-1885. If it breaks the 1880 line, continue to look at the 1867 position below, and don't go long yet.
Gold operation strategy:
SELL:1897-1900
TP1:1893
TP2:1890
BUY:1881-1884
TP1:1886
TP2:1890
Trade active
Trade active
Trade active
Trade active:
Ready to start trading today
Join my Telegram channel to get
✅Free VIP signal.
✅Daily market analysis
✅Account management
✅More than 2000pips profit every month
t.me/gold_scalping_pips_winner
✅Free VIP signal.
✅Daily market analysis
✅Account management
✅More than 2000pips profit every month
t.me/gold_scalping_pips_winner
