Analysis of short-term gold trading on August 30
(August 30) In early Asian trading, spot gold fluctuated slightly and is currently trading around 2515. Gold prices rose by about 1% on Thursday, closing at 2521. Due to rising concerns about geopolitical situations, gold prices once rose to around $2528, approaching historical highs, but the upward revision of the US GDP in the second quarter and the number of initial jobless claims suggested that the labor market was healthy and the US economy was still resilient, which suppressed the Fed's expectations of a 50 basis point rate cut in September. The US dollar index continued to rebound, making gold bulls cautious. Investors are paying attention to US inflation data - US July PCE data to further understand the potential rate cut.
The gold market in the past few days has not had much continuity. Gold has not broken below 2500 several times. Yesterday, it fluctuated back and forth by 20 points, with the lowest reaching only 2503, and the daily line closed with a small positive column with an upper lead. At the current point of gold, as we have emphasized before, there is no need to participate in long orders at this position. The profit space for chasing long easily is not that large. If gold unexpectedly breaks through the historical high, then follow the trend and go long. Before the breakthrough, continue to keep the idea of shorting.
The trend in the 4-hour aspect has been flattened. The current upper pressure level of 2520-2525 has not been broken through for several consecutive times, and the pressure of the row is still formed in this area. Today's operation is still around this position. Shorting.
Detailed intraday operation strategy:
Short gold rebounds near 2525, defend 2532, target 2500-2480
A small boat is drifting in the sea. If you don't set sail, you will drift in the sea forever. Only the current price can really escort you.
Follow me, your professional knowledge and your funds will rise steadily
The gold market in the past few days has not had much continuity. Gold has not broken below 2500 several times. Yesterday, it fluctuated back and forth by 20 points, with the lowest reaching only 2503, and the daily line closed with a small positive column with an upper lead. At the current point of gold, as we have emphasized before, there is no need to participate in long orders at this position. The profit space for chasing long easily is not that large. If gold unexpectedly breaks through the historical high, then follow the trend and go long. Before the breakthrough, continue to keep the idea of shorting.
The trend in the 4-hour aspect has been flattened. The current upper pressure level of 2520-2525 has not been broken through for several consecutive times, and the pressure of the row is still formed in this area. Today's operation is still around this position. Shorting.
Detailed intraday operation strategy:
Short gold rebounds near 2525, defend 2532, target 2500-2480
A small boat is drifting in the sea. If you don't set sail, you will drift in the sea forever. Only the current price can really escort you.
Follow me, your professional knowledge and your funds will rise steadily
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