Expectations 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.
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.
Trade active
The recent market volatility, with frequent shifts between bulls and bears, has caught many investors off guard and unsure where to begin. They often find themselves in a situation where stocks plummet as soon as they buy, then rise as soon as they sell, and this cycle repeats, leading to relentless losses. This is a common experience for many novice traders. I want to emphasize the importance of precise market control and adherence to your trading logic. Of course, this may seem like empty talk to some new traders, as they're new to the market and lack a rigorous trading plan. They often chase rising and falling prices, ultimately leading to significant losses. Want to double your profits if you're unsure when to enter the market? With persistence, and without complex strategies, you can achieve weekly profits of 100-400% or more.Trade closed: target reached
Once you enter the market, you must have the courage to fight it. Cowardice will only set us back further; only by moving forward courageously can we achieve what we desire. Trading is a tortuous journey, not a smooth one. I believe many people see the beauty of the outside world, only to wonder why the risks are always so high? It's because they don't see the reality clearly! We can't change market risks, but we can control them. Since entering this market, I have remained true to my original aspirations. Profits can only be achieved by controlling risks, but as long as we can seize opportunities diligently and adhere to the correct trading logic, we can quickly turn losses into profits. Without a sound system, one lucky break is a lucky break, and two lucky breaks are also lucky breaks, and ultimately, only losses await us!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.