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Wait for pre-meeting guidance, focus on 3343-3330#XAUUSD The current market focus is mainly on the upcoming talks.🤝 As expected, the news of the meeting between Trump and Putin was leaked over the weekend. 💻We still need to wait and see the news in the next two days to see whether the Russia-Ukraine war issue can be effectively resolved. 💠 If peace talks between the two sides can be effectively facilitated and risk aversion is reduced, gold will remain weak.🐻 Conversely, if the talks fail, a retaliatory bullish rally is highly likely.📈 Last Friday, gold prices fluctuated very narrowly, failing to find a valid trading point. ⚖️The early morning opening at a new low not only effectively allowed short sellers to exit their positions,😝 but also allowed market makers to reap the profits of last week's long traders😩. Since the short sellers have all taken profits in the early trading session, there must be greedy people and traders seeking revenge in the market who will take over and short sell at low levels,📊 otherwise gold would not have risen so quickly. 📈 So, theoretically speaking, before the talks are concluded, I think the market will definitely eliminate the traders who shorted at the low level this morning.🐂 The overall hourly line is still under pressure at the high resistance line of 3358.💥 We will first see whether it can fall below 3343 in the European session. 🐂Only after it breaks will it test the small support of 3330. Otherwise, the bulls will still have to counterattack at a low position. Today, we will mainly go long at a low level.📈 🚀 BUY 3343-3330 🚀 TP 3355-3365-3370
OANDA:XAUUSDLong
by Halson_Winston
XAUSUD: A large-scale buying opportunityGood morning, traders. Yesterday, I mentioned that the XAUUSD will initially decline after the Asian market opens. Our trading strategy of selling first and then buying has been effective and has shown some promising results. Gold prices hit a low of 3323 after the Asian session opened, a drop of approximately $12 per ounce. It then rebounded and is now trading at 3354. Long positions are continuing to profit. We await the target price of 3365. A new week, a new beginning. With the London session about to open, we'll have to wait and see whether it will push the XAUUSD to new heights.
OANDA:XAUUSDLong
by WIN_Ludvig
Swing Trading OutlookThe market trend was flat over the weekend. The prices of Bitcoin and Ethereum rose slightly before retreating slightly. There aren't any major market fluctuations. We're still looking forward to next week's trends. Bitcoin is still in its bottoming phase. Periodic buying is a good option. The foreign exchange and futures markets will open in Asia on Monday. I'll be focusing on Wednesday's Federal Reserve interest rate decision. This is a key data point that will determine whether the US dollar rises or falls. It also serves as an important data point for our trading products. My approach is to continue to sell at high levels before the interest rate decision. Then, monitor market sentiment. I'll focus on GOLD/XAUUSD, the two most impactful products. Secondly, the foreign exchange market. So, the strategy is: sell first, then buy next week. The subsequent buying will be determined based on the direction after the interest rate decision. I hope everyone enjoyed this holiday. Maintain an optimistic and positive attitude when trading at all times. Once your mindset is affected, many things will be difficult to do, not just trading. Dear traders, see you next week.
TVC:GOLD
by WIN_Ludvig
Gold pulls back, should we go long or short?Gold Market Analysis: Unfortunately, the inverted hammer pattern emerged, and the price continued testing the recent low around 3330. Although it held, the bearish engulfing pattern suggests that the bullish momentum has yet to recover. The price correction from the past two days is gradually turning into a consolidation phase. Notably, after breaking higher the day before yesterday, yesterday’s price action reversed sharply, breaking below the previous day’s low and extinguishing the bullish momentum. Key Observations: 1. The day before yesterday saw an upward move, with the morning low acting as the dividing line. For the uptrend to continue, the price should not fall below the previous day’s starting point. However, yesterday’s break below that low confirmed the end of the bullish trend. 2. After breaking the low, watch for a potential secondary decline on any rebound. 3. In the afternoon, the downtrend continued, testing the previous low of 3330. In a downtrend, we avoid betting on a double bottom. Today’s Situation: The hourly chart shows a brief rebound with consecutive bullish candles, but after testing 3350, the price faced resistance and pulled back. Currently, it is consolidating around 3340. Short-Term Outlook: - Resistance Levels: 3357–3363 - Support Level: 3330 (A break below this level would signal a continuation of the downtrend). Thank you all for your likes, comments and follows, we really appreciate it!
TVC:GOLD
by Matthew_8888
Gold prices remain volatile, waiting for direction selectionGold prices (XAU/USD) rebounded modestly during Friday's Asian trading session, recouping some of the previous day's losses, but bullish momentum was limited. The dollar's previous rally, buoyed by strong US Producer Price Index (PPI) data, lacked sustainability. Investors widely expect the Federal Reserve to resume its interest rate cut cycle in September, supporting gold. According to data released by the US Bureau of Labor Statistics, the PPI grew 3.3% year-on-year in July, exceeding market expectations of 2.5% and significantly higher than June's 2.4%. Despite this, the CME FedWatch tool shows a 90% probability that the Fed will cut interest rates by 25 basis points in September, with a cumulative 50 basis points cut expected by year-end. Furthermore, market sentiment was supported by multiple positive factors, including easing trade concerns between the US and Asia and the potential for a ceasefire in the Ukrainian conflict following the US-Russia summit. These factors have boosted global risk appetite and limited further gains for gold as a safe-haven asset. Analysts point out that amidst a rebound in risk appetite, gold's short-term performance may hinge on upcoming data releases such as US retail sales, the New York Fed manufacturing index, and the University of Michigan's consumer confidence index. These indicators could influence the US dollar and, indirectly, gold prices. Daily chart analysis shows that gold prices are encountering significant resistance near the 100-hour moving average (around $3,355). Multiple rebounds have failed to break through this level, indicating that short-term selling pressure remains significant. If prices break through this level, they could test the $3,375 and $3,400 levels. However, a break below $3,330 support could trigger an accelerated decline, potentially targeting $3,300 or even lower. Technical indicators show weak daily volatility, and the short-term trend remains downward. The current rebound in gold is more of a technical correction than a trend reversal. Amidst a lack of sustained US dollar buying and lingering expectations of a Fed rate cut, gold prices are likely to remain range-bound in the short term. However, if market risk sentiment further heats up, gold's safe-haven properties may continue to weaken. We need to pay attention to the effectiveness of the $3,330 support. Once it is lost, the downside space will open up quickly. FOREXCOM:XAUUSD ACTIVTRADES:GOLD ICMARKETS:XAUUSD FOREXCOM:GOLD ICMARKETS:XAUUSD CMCMARKETS:GOLD ICMARKETS:XAUUSD ACTIVTRADES:GOLD
OANDA:XAUUSDLong
by Charlie_Senior_Analyst
Gold consolidates at 3355, NY falls back to keep low and long#XAUUSD Gold surged and then retreated during the day,🚀 reaching a high near 3374 and a low near 3341. It is currently consolidating around 3355. 📊 From a medium-term perspective, the previous upward trend of gold has not been completely broken, 📈but from the 2-hour chart, the MACD indicator shows signs of forming a death cross, adding a hint of uncertainty to the market. 🎲 In the short term, gold has repeatedly tested the 3365-3375 range but has not yet been able to break through. This resistance range can be considered as a temporary resistance level.🐻 The current PPI data is significantly bearish, and the DXY technical indicator is expected to form a golden cross. A stronger US dollar may put some pressure on gold. 📉However, gold has repeatedly tested the 3340-3330 support level without breaking, demonstrating that this support level has some resilience. 🐂If the support level of 3340-3330 is touched during the NY period and is not broken, you can consider going long with a light position,📈 but be sure to set a SL.⚖️ 🚀 BUY 3340-3330 🚀 TP 3355-3365
OANDA:XAUUSDLong
by Halson_Winston
The pullback is for a better riseGold is currently showing signs of gradual technical recovery on the 4-hour chart after a period of consolidation. The price is slowly breaking out of the previous low-range oscillation zone, with short-term moving averages beginning to curve upward and diverge, indicating a potential strengthening trend in the near term. Moving forward, watch for a possible secondary upward surge after a retracement and consolidation. In the short term, keep an eye on the resistance zone around 3380. On the hourly chart, there has been a minor pullback, but the momentum and follow-through remain limited. The expectation is that after a brief adjustment, the upward trend may continue with further room for gains.
TVC:GOLDLong
by Matthew_8888
3400 failed again, what will be the subsequent trend?Breaking News: Trump signed the Sino-U.S. tariff "truce" agreement at the last minute, deciding once again to extend the deadline by 90 days starting from August 12. Another three months—the Sino-U.S. tariff risks have been temporarily averted. This news came as no surprise, so the market reaction has been muted. Next, all eyes are on the Trump-Putin meeting on August 15, which the market sees as the last opportunity to end the Russia-Ukraine war, making it a highly anticipated event. Tonight, the CPI data will be released, and its trend will directly influence market expectations about whether the Fed will cut rates in September. As such, this data is certain to have a major impact on gold prices. If inflation exceeds expectations, gold may initially rally but then pull back, as rising inflation data is bullish in itself but would reduce rate-cut expectations, which is bearish. If the data falls short of expectations, gold may dip first before rising. Last night, gold broke below last week’s starting rally point of 3,345, hitting a low near 3,340, indicating weak momentum. The 3,340 level is a critical support—a break below it would suggest that gold’s unilateral rise from 3,270 may shift back into a consolidation phase. Technically, gold has managed to hold above the key support of the 200-period SMA on the 4-hour chart, currently positioned around the 3,344-3,342 range. Given that the oscillators on this chart reflect bearish momentum, a decisive break below this support could push gold toward the next intermediate support at 3,320. Conversely, if prices rebound and break above the 3,358-3,360 zone, strong resistance is likely to emerge near 3,380. Thank you all for your likes, comments and follows, we really appreciate it!
TVC:GOLDLong
by Matthew_8888
CPI is about to be announced, 3342 life and death lineGold prices rebounded during the Asian and European trading hours on Tuesday (August 12), stalling their rebound. Spot gold briefly rose 0.4% to around $3,357/oz, but the rebound lacked momentum and has now retreated to around $3,346.82/oz, still near the previous day's one-week low. Market expectations are that the Federal Reserve will resume its rate cut cycle in September, but this expectation limits the dollar's potential for recovery, which in turn provides some support for gold, a non-interest-bearing asset. However, gold bulls appear reluctant to make large bets, opting instead to await the latest US inflation data. This key data will provide fresh clues about the Fed's rate cut path, in turn impacting dollar demand and providing a substantial boost to gold prices. Meanwhile, the extension of the US-China trade truce and optimistic expectations for a US-Russia summit aimed at ending the war in Ukraine could pose bearish factors for gold. Market Dynamics: Gold prices benefited from Fed rate cut bets, while US dollar demand remained subdued. Gold prices fell sharply on Monday as easing geopolitical tensions weighed on traditional safe-haven assets. Investors are pinning high hopes on Friday's US-Russia summit, believing it will increase the likelihood of an end to the long-running Russia-Ukraine conflict. Furthermore, continued buying of the US dollar contributed to a sharp drop of approximately 1.65% in precious metals overnight. Market participants are generally betting on a 25 basis point interest rate cut by the Federal Reserve in September, with at least two more by year-end. This expectation is bolstered by a recent string of disappointing US economic data, including the closely watched non-farm payroll report, which suggests the economy may be weakening. However, traders are likely to refrain from making large directional bets, opting to wait and see ahead of US inflation data, which could provide further clues about the interest rate outlook. The US Producer Price Index (PPI) will be released on Thursday, followed by US retail sales data and the Michigan Consumer Confidence Index on Friday. Furthermore, speeches by several key Federal Reserve (FOMC) officials will also influence the US dollar's short-term trajectory and provide significant support for gold prices. On the trade front, US President Trump signed an executive order on Monday extending the US-China trade truce for three months, easing market concerns about a trade war between the world's two largest economies. Trump previously stated in a social media post that gold would not be subject to tariffs, but provided no further details. Gold bears need to wait for a break below the key support level near $3342. Technically, gold has successfully held the key support level of the 200-period SMA on the 4-hour chart, currently located in the $3344-3342 range. Given that oscillators on the chart are showing downward momentum, a break below this support level could drag gold towards the intermediate support level of $3315 and, subsequently, the $3300 mark. Any subsequent selling would be seen as a new trigger for short traders and pave the way for further declines in gold prices. Conversely, a rebound above the $3358-3360 area could face strong resistance near $3380. A sustained break above this resistance level would allow gold to make another attempt to conquer the $3400 mark. A further break above last week's swing high of $3409-3410 would reverse the current bearish outlook and push gold prices towards testing the next key resistance level of $3422-3423. Upward momentum could extend to the strong horizontal resistance level of $3434-3435. A clear break above this resistance could challenge the historical peak of $3500 reached in April. Overall, the gold market is currently caught in a tug-of-war between expectations of monetary policy easing and easing geopolitical risks, with technical indicators showing signs of consolidation and volatility. Investors are advised to closely monitor this week's inflation data and exercise caution until key levels are breached. PEPPERSTONE:XAUUSD VELOCITY:GOLD PEPPERSTONE:XAUUSD ACTIVTRADES:GOLD VANTAGE:XAUUSD CMCMARKETS:GOLD
TVC:GOLD
by Charlie_Senior_Analyst
Grasp the key opportunities in gold tradingBefore and after the European session, gold fell back and adjusted again; in the U.S. session, it stabilized and rebounded above 3340 as expected, and continuous low-long layouts achieved steady profits. From the hourly chart structure, the gold trend was highly consistent with the prediction, which not only continued the downward adjustment rhythm, but also released the profit space of rebound long orders, showing the fierce game between the long and short forces in the market. The 1-hour moving average has begun to turn downward, significantly strengthening bearish momentum. During the US trading session, gold failed to break through the key resistance zone of 3365-3380. This area remains a key defense for bears in the short term.As long as gold fails to effectively break through and hold 3380, the bearish trend will continue to dominate the market, and rebounds will provide favorable opportunities for short positions. The continuous breaking of new lows indicates that bears have a stronger advantage, and bulls are unlikely to achieve a sustained reversal. During trading, it is recommended to strictly implement risk management, reasonably control positions, and position accordingly, seizing every rebound short opportunity. Subsequently, monitor the performance of the key support level of 3340-3330. If this support level fails, bearish momentum will further intensify. Otherwise, there will be limited room for short-term adjustments. Overall, gold is still in a bear-led, volatile downward phase. The main strategy is to short on rebounds, supplemented by buying on pullbacks, and respond flexibly to market changes. Gold operation suggestion: short gold when it rebounds around 3365-3380, target 3350-3340. If gold falls back to 3340-3330 and stabilizes, consider going long with the target at 3355-3360.
OANDA:XAUUSDShort
by Trade-Daniel
Gold long and short two-way layout ideasI write every article hoping to connect with those I'm connected with. I hope to help investors in need. Regardless of initial impressions, I should give them a chance to understand me. I believe that the fact you've read all this is fate, and investing is largely about fate. If you believe in fate and believe I can do something for you, you might want to talk to me. Gold has been falling steadily today. Technically, the hourly moving average is turning upwards from its highs. This suggests a potential short-term rebound for gold bulls, and they may need significant news to stimulate their decline. Otherwise, they may struggle to achieve significant gains in the short term. With this hourly decline, there's little chance of a major rebound. The key level for gold remains around 3365-3380. After all, previous support levels have become resistance levels. If your current trading isn't ideal, I hope I can help you avoid investment setbacks. Feel free to discuss your options. From the perspective of the 4-hour cycle structure, the lower support is focused on the 3340-3330 area, which is an effective support zone that has been verified many times; the upper resistance is focused on the 3365-3380 area, which may form a key suppression level in the short term. In terms of operation ideas, we should maintain a two-way strategy of shorting on rebounds and going long on pullbacks. According to the changes in the shape and momentum of prices touching key positions, we should flexibly adjust the entry direction, specific execution points and risk control plans. I will remind you as soon as the market touches key areas, so please pay attention in time. Gold Trading Strategy: 1. Short gold in batches when it rebounds around 3365-3380, targeting 3350-3340. 2. Go long on gold when it falls back to around 3340-3330, with the target at 3355-3360.
OANDA:XAUUSDShort
by Trade-Daniel
Bearish trend dominates, gold awaits direction decisionGold's 1-hour moving average has begun to turn around from a high point. For gold bulls, this may mean that if they want to reverse their decline in the short term, they may need major news to stimulate the market. Otherwise, in the short term, gold bulls may find it difficult to make any significant progress. Gold's 1-hour moving average has fallen at this rate, and there has been basically no major rebound. This rebound also provides a second opportunity for shorting. The key level of gold is still in the 3365-3380 area. If the US market is under pressure at the 3365-3380 area, then gold will continue to be shorted on highs. The market is changing rapidly. We never become rigid longs or shorts. Trading is about following the wind. We go where the wind blows, otherwise we will eventually fail against the wind. Gold bears are now clearly becoming stronger, so we should continue to ride on the tailwind of the gold bears.
OANDA:XAUUSDShort
by Trade-Daniel
How to correctly grasp the gold trading opportunities?At present, the suppression of 3410 is still quite strong. After testing the resistance, a short-term long-short reversal was formed, and it retreated and broke the 3380 low support. It is expected to test the 3360 and 3345 moving average supports below today. After falling below the 3380 bullish starting point, the short-term trend will temporarily be mainly downward. Only when it is close to the low support can a new layout be made. Therefore, wait patiently for the low point to be retreated and stabilized before considering going long on gold.
OANDA:XAUUSDLong
by Trade-Daniel
London Gold Early Trading StrategyGold prices saw a slight rise early in the session before retreating due to a brief easing of safe-haven demand. Gold prices have resumed a broad range-bound pattern, with recent price action showing both up and down swings but lacking strong follow-through support. For now, it's best to avoid chasing the rally. As gold prices retreat to support, we recommend initiating a new position. The current price is 3,374 – enter now! On the hourly chart, gold prices remain in a broad consolidation range. Key support at 3,365 (the previous low) remains holding, and the short-term trend remains tilted to the upside. After a sharp drop to 3,367 this morning, the rebound was strong, confirming solid support near 3,365. Therefore, we continue to buy on dips. Markets move fast—keep an eye on resistance at 3,410. The big question is whether this consolidation is forming a top or just building momentum for another push higher. If gold keeps failing at 3,410, bears might finally step in. Either way, patience is key—don’t rush into trades just because it’s moving up or down.
TVC:GOLDLong
by Matthew_8888
Market trend forecast and layout at the beginning of the week#XAUUSD On Friday night, gold prices fluctuated rapidly before closing due to news, and finally closed near 3397. Currently, gold is fluctuating and consolidating in the 3400-3380 range. This pattern not only reflects the fierce game between bulls and bears, but also suggests that the market may be brewing a new breakthrough direction. Therefore, we need to be particularly vigilant about potential breakouts next week. Judging from the market alone, gold is still in an upward trend channel, so at the beginning of the week we can focus on the effectiveness of the support between 3390-3380. If the support level of 3390-3380 below remains solid and the hourly line breaks through and stabilizes above 3400, then the gold price may test the key resistance level of 3410 again. Once it breaks through, it is expected to reach 3420-3430.
OANDA:XAUUSDLong
by Halson_Winston
It’s that simple to catch the golden trend.On Friday, gold did not break through the highs or the bottoms, and maintained the range of 3400 to 3380, which was in line with our expectations. In the analysis layout on Friday, I made it clear that I would short at the pressure of 3400 during the day, and go long at the support near 3380 before and after the US market, with an overall gain of 580pips. The points were accurate and there was no error. It was proven by strength that in this market, as long as you don’t chase orders, it is relatively easy to make some profits. Don’t always think about betting on the breakout of the market. Wait for the breakout before doing anything. Just do well in the present. It's better to miss than to do it wrong. The key is how you choose. Stability comes first. Gold continued to close positively on the weekly chart this week, and after hitting the bottom at 3368 and rebounding, it rebounded with large volume. It is in the process of gradually touching the upper track of the range. Normally, there is still room above, and the range pressure is at 3450. Therefore, we will continue to maintain a bullish mindset next week. In the daily cycle, it fluctuated and washed out repeatedly on Friday, and finally closed with a negative cross star. In the short term, it will maintain operation in the small range of 3409-3380. In terms of operation, continue to go high and buy low before the range is broken, and follow the trend after the breakthrough; an upward breakthrough can be seen at 3425 and 3450, and a downward breakthrough can be seen at 3365 and 3345. For the specific operation rhythm, pay attention to the real-time notification at the bottom.
OANDA:XAUUSDLong
by Trade-Daniel
Grasp the trend accurately and have a crazy weekend!After testing the 3380 support level several times in a row today, gold maintained an oscillating upward trend. Today's layout of 3380 repeatedly went long, and 3400 shorts were all successfully closed with profits, with a total profit of 580pips. Currently, gold is oscillating at a high level in the 3404-3380 range. The possibility of a direction choice cannot be ruled out in the evening. If the market continues to be bullish in the evening, it is necessary to pay attention to whether the price will fall below 3380 when it tests the support level for the third time. If the support level is effectively broken, it is expected to fall to the key support level of 3370. If the price firmly stands above the 3400 mark, it may continue to test 3410. If there is no breakthrough either above or below, it will still maintain a range of oscillations, and the idea of selling high and buying low will be the main focus.
OANDA:XAUUSDShort
by Trade-Daniel
True or false? How to Decide Between Long and ShortInfluenced by the news related to tariffs, gold has just completed a fluctuation of nearly $20 in a very short period of time, breaking the silence of the gold market in one fell swoop. Separately, news indicates that the White House is planning to clarify the misinformation surrounding gold bar tariffs. If there were traders who had rashly entered the market before, in the absence of strict trading system constraints and strict trading discipline, they would inevitably suffer certain losses regardless of whether they chose to go long or short. This is also the reason why after giving my daily trading strategies, I will repeatedly emphasize the importance of strictly adhering to trading planning and discipline. For ordinary traders, it's difficult to discern the authenticity of this news. After all, the Trump administration has a history of denying its own statements. Therefore, sometimes it's wise to remain on the sidelines. This is also what I specifically reminded you to do when publishing my trading strategy this morning: be sure to trade with a small position today and be vigilant to potential unforeseen circumstances.
OANDA:XAUUSDLong
by Halson_Winston
Gold is currently rising graduallyUp to now, the 1 long and 1 short position has earned a total profit of 400pips. First, I clearly positioned myself in the 3400 area for a short position. As expected, gold fell back under pressure, hitting a low near 3391. However, the decline lacked continuity, and after rebounding, it hit a stop-loss at 3395, exiting the position with a small profit-taking stop. I managed my risk and exited the position with a small profit-taking stop, earning 50 pips on each trade. I then re-introduced the long position strategy in the 3385-3380 area. As expected, gold fell to the target area and rebounded strongly, smoothly rising to the 3400 target. Both trades yielded a profit of 350 pips, a perfect execution of my plan. At a certain level in trading, technology is merely a tool; the true determinants of success or failure are mindset and execution. In this market where most people are destined to lose money, a reliable trading system is essential, but even more crucial is absolute execution. Ultimately, we trade not price, but conviction. We trade 2-5 trades daily, with a high win rate and high execution. We provide transparent profit reports daily. We maintain a steady pace and avoid blindly chasing orders. We share our strategies only occasionally, so please monitor the bottom of the market for specific entry tips and analysis of trading strategies. Choice is more important than effort. Only by identifying the direction can you make continuous profits. In the short term, gold prices continued their upward trend in the previous trading day, relying on the support levels of 3370-3375. Gold prices finally broke through the 3400 mark, closing with a medium-sized bullish candlestick on the daily chart. Today's gold trend saw a rapid rise followed by a decline. This is particularly important to note: a surge often signals negative trends, a market principle we have repeatedly emphasized. Even if such a surge and decline doesn't directly trigger a decline, it will limit subsequent price gains. Therefore, it's not advisable to rush into the market. Even if considering a long position, wait for a sufficient correction before making a decision. The key support area below is 3385-3370, with 3370 being the intraday dividing line between long and short positions. If the upward trend continues, the correction should not fall below the previous low support level of 3370. If this support level is effectively broken, the upward trend structure will be disrupted, and a timely adjustment of the position is necessary. The current market is still experiencing a large-scale, cyclical, and volatile pattern, rather than a completely unilateral trend. The reason for maintaining a long position this week is that after stabilizing at the 3268 support level, the market entered a period of relatively strong volatility. The mid-term bullish trend following the release of the non-farm payroll data failed to develop into a long-term bullish breakout. The upward trend was accompanied by periodic pullbacks, indicating an overall upward trend rather than a strong, one-sided market. Therefore, we maintain a bullish outlook, but we must not be blindly optimistic in our operations! Gold Trading Strategy: We recommend buying gold in batches around 3385-3370, with a target of 3400-3410.
OANDA:XAUUSDLong
by Trade-Daniel
How to correctly plan gold trading opportunitiesExpectations for Federal Reserve policy remain dovish, providing bullish support for gold prices. Weak US non-farm payroll data for July, coupled with a second consecutive week of rising jobless claims, suggests a weakening labor market. According to data released by the US Department of Labor, initial jobless claims rose to 226,000 in the week ending August 2nd, the highest level since early July, reflecting a significant slowdown in employment momentum. Technically, gold continued its upward trend, reaching an intraday high of 3409 before quickly retreating to around 3380, mirroring yesterday's trend. The market remains volatile, with the 3410-3420 range as the key resistance level. Avoid blindly chasing higher prices in the short term. Support is currently in the 3380-3365 range, with a potential dip buy opportunity if it stabilizes.
OANDA:XAUUSDShort
by Trade-Daniel
Bullish momentum weakens, and bearish opportunities emergeThe 4-hour gold chart shows a slow, volatile upward trend. While gradually climbing higher, it has failed to effectively break through key resistance areas. This suggests the market is not in a one-sided bullish trend, but rather in a state of sustained oscillation. Current price momentum is weakening, so it's not advisable to continue chasing higher prices. Today's strategy is to short on rallies, focusing on the key resistance area around 3410-3420. Opportunities are open for short positions. If prices trade within the 3400 range, this would be an ideal entry point for a short position. The main trend is to short on rebounds from higher levels, with strict risk management. Gold Recommendation: Short in batches between 3400-3415, with a target of 3385-3370.
OANDA:XAUUSDShort
by Trade-Daniel