XAUUSD: Market Analysis and Strategy for August 7

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Gold Technical Analysis:
Daily Chart Resistance: 3430, Support: 3335
4-Hour Chart Resistance: 3400, Support: 3358
1-Hour Chart Resistance: 3400, Support: 3368.

Yesterday's pattern for gold was similar to the day before. Following a volatile decline in the Asian session, the New York market bottomed out and rebounded at support levels. The market is still maintaining a volatile upward trend, with rising lows, a step-by-step rise. Short-term adjustments won't affect the overall market trend. Today's strategy is undoubtedly to follow the trend and buy low!



Currently, the hourly chart lows are rising, from 3345 to 3350, and then to 3358. Today's Asian session low is 3365. Therefore, until 3365 is broken, there is a buying opportunity on the dip. Consider yesterday's low of 3358 as a defensive buying position for a bullish outlook.

BUY: 3390near
BUY: 3368near

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