Gold continues to go long in the 3280-3300 range.
Today, we remain firmly bullish on a bottom in the 3280-3300 range.
On August 1st, the Federal Reserve, while keeping interest rates unchanged, acknowledged slowing economic growth, triggering a repricing of expectations for a rate cut.
This led to a rebound in gold prices, but of course, this was just a pretext for the price increase.
Recently, gold prices experienced a four-day decline (July 23-28), falling from $3431 to $3268, as progress in trade negotiations and a rebound in the US dollar dampened safe-haven demand.
Non-farm Payrolls
Here are the key takeaways:
Today's US July non-farm payrolls data (expected to increase by 110,000, compared to 147,000 previously) will determine expectations for a September rate cut by the Federal Reserve.
A weak reading (e.g., below 100,000) could push gold prices back towards $3,400;
A strong reading (above 150,000) would remain bearish for gold. Gold prices continue to decline, and we are long in the 3280-3300 range.
Today, we remain firmly bullish on gold bottoming in the 3280-3300 range.
On August 1st, the Federal Reserve, while keeping interest rates unchanged, acknowledged slowing economic growth, triggering a repricing of rate cut expectations in the market.
This led to a rebound in gold prices, but of course, this was just a pretext for the price increase.
Recently, gold prices experienced a four-day decline (July 23-28), falling from $3431 to $3268, as progress in trade negotiations and a rebound in the US dollar dampened safe-haven demand.
Non-farm Payroll Data
Here are the key takeaways:
Today's US July non-farm payroll data (expected to increase by 110,000, compared to 147,000 previously) will determine expectations for a September rate cut by the Federal Reserve. A weak reading (e.g., below $100,000) could push gold back to $3,400.
A strong reading (above $150,000) would continue to be bearish for gold.
Technical Analysis and Trading Recommendations
Key Levels:
Support:
$3,270 (100-day moving average)
$3,248 (June low);
Resistance:
$3,300 psychological level
$3,340 (21-day/50-day moving average crossover).
Trading Strategy:
Short-term:
1: If the price holds above $3,300, initiate a long position with a target of $3,330-3,350.
2: If the price falls below $3,270, a drop to $3,248 is possible.
3: Focus on the key watershed at $3,300
4: Key Point:
As long as the gold price is above $3,300, I believe it's a good time to buy the dip. Following the upward trend in gold prices is a very wise choice.
As shown in Figure 4h:
The potential for gold prices to rebound is becoming increasingly clear.
The lower edge of the wide fluctuation range is slowly stabilizing.
Today, we remain firmly bullish on a bottom in the 3280-3300 range.
On August 1st, the Federal Reserve, while keeping interest rates unchanged, acknowledged slowing economic growth, triggering a repricing of expectations for a rate cut.
This led to a rebound in gold prices, but of course, this was just a pretext for the price increase.
Recently, gold prices experienced a four-day decline (July 23-28), falling from $3431 to $3268, as progress in trade negotiations and a rebound in the US dollar dampened safe-haven demand.
Non-farm Payrolls
Here are the key takeaways:
Today's US July non-farm payrolls data (expected to increase by 110,000, compared to 147,000 previously) will determine expectations for a September rate cut by the Federal Reserve.
A weak reading (e.g., below 100,000) could push gold prices back towards $3,400;
A strong reading (above 150,000) would remain bearish for gold. Gold prices continue to decline, and we are long in the 3280-3300 range.
Today, we remain firmly bullish on gold bottoming in the 3280-3300 range.
On August 1st, the Federal Reserve, while keeping interest rates unchanged, acknowledged slowing economic growth, triggering a repricing of rate cut expectations in the market.
This led to a rebound in gold prices, but of course, this was just a pretext for the price increase.
Recently, gold prices experienced a four-day decline (July 23-28), falling from $3431 to $3268, as progress in trade negotiations and a rebound in the US dollar dampened safe-haven demand.
Non-farm Payroll Data
Here are the key takeaways:
Today's US July non-farm payroll data (expected to increase by 110,000, compared to 147,000 previously) will determine expectations for a September rate cut by the Federal Reserve. A weak reading (e.g., below $100,000) could push gold back to $3,400.
A strong reading (above $150,000) would continue to be bearish for gold.
Technical Analysis and Trading Recommendations
Key Levels:
Support:
$3,270 (100-day moving average)
$3,248 (June low);
Resistance:
$3,300 psychological level
$3,340 (21-day/50-day moving average crossover).
Trading Strategy:
Short-term:
1: If the price holds above $3,300, initiate a long position with a target of $3,330-3,350.
2: If the price falls below $3,270, a drop to $3,248 is possible.
3: Focus on the key watershed at $3,300
4: Key Point:
As long as the gold price is above $3,300, I believe it's a good time to buy the dip. Following the upward trend in gold prices is a very wise choice.
As shown in Figure 4h:
The potential for gold prices to rebound is becoming increasingly clear.
The lower edge of the wide fluctuation range is slowly stabilizing.
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.