XAUUSD: Today we are trading in the range of 2380-2408

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The U.S. dollar index continued to strengthen, posting its fifth consecutive daily gain as Powell signaled that the Fed has no plans to cut interest rates in the short term.

Risk aversion limited gold's losses despite Powell's attempts to blunt market expectations for a rate cut. Spot gold approached the 2,400 mark intraday, but then fell back.

After gold touched near 2400 overnight, it once pulled back to a low near 2372 today, and has risen again to around 2387 so far.

Judging from the current hourly chart:

It can be seen that gold is currently in a volatile upward state, so there is a high probability that gold will reach the top again and try to stand above 2400 again.

The current top of the hourly chart range is near 2408, and the bottom support is near 2380. Therefore, if nothing unexpected happens today, there is a high probability that it will remain within this range and consolidate.

Therefore, it is best not to look at unilateral trends in current operations. At present, long and short prices fluctuate greatly every day, which can easily be counterproductive.

In terms of current operations, I suggest waiting for the market to enter long positions near 2380, with the target looking at the high point of 2405-08.

Or wait for 2405-05 to go short, and continue to look at the 2380-85 support position.
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