In-depth Analysis of the Gold Bull-Bear Game on August 4th:
I. Gold's Current Core Contradiction
Bull Support Factors
Weak non-farm payroll data reinforces expectations of a Fed rate cut, with the market betting on an over 80% probability of a September rate cut.
Risk Aversion: Although the tariff extension has not yet been finalized, the market remains concerned about escalating trade frictions, and gold is in high demand as a safe-haven asset.
Technical Breakout: Friday saw a strong breakout above the 3340-3350 resistance zone, with the daily chart showing a positive enveloping negative trend. Short-term bullish momentum prevails.
Potential Short-Term Opportunities
Monthly Top Signal: Consecutive high-level doji candlesticks with long upper shadows suggest medium-term selling pressure.
Fundamental Bearish Hidden Dangers:
The Fed's independence remains, and Powell may not cut interest rates prematurely due to pressure from Trump.
II. Key Technical Signals
1. Weekly Level: Range Unbroken
The 3268-3438 range persists, currently nearing its upper limit, so be wary of a pullback.
Bollinger Bands are converging, with the MA5/MA10 convergence signaling an approaching market reversal window.
2. Daily and short-term cycles: Overbought correction needs
After Friday's surge: 4-hour/1-hour RSI is overbought, the Bollinger Band opening is unsustainable, and a technical retracement is needed.
Key positions:
Resistance: 3376 (previous high) + 3385 (Fibonacci expansion level);
Support: 3340 (top and bottom conversion) + 3315 (bull defense line).
3. Triangle convergence pattern:
If it opens high and breaks through 3376 on Monday, August 4, it may test 3400; if it opens low and falls below 3340, it will look down to 3315-3280.
III. Operation strategy for next week on August 4
(1) Response to three opening scenarios
Scenario 1: Opening high (above 3370)
Strategy: Short in batches in the 3376-3385 area, stop loss at 3400, target 3340→3315.
Logic: Positive overdraft + technical overbought, betting on a pullback.
Scenario 2: Flat opening (around 3360)
Strategy: If the price rises from 3366 but does not break through, go short with a light position, stop loss at 3376, target 3340; if it falls below 3340, go short and look at 3315.
Alternative: If the support at 3340 is effective, go long, stop loss at 3330, target 3360.
Scenario 3: Low opening (below 3340)
Strategy: Go long in the 3338-3340 area, stop loss at 3325, target 3360; if it breaks through 3315, go short.
(2) Mid-term layout
Short opportunity: Go short in the 3385-3400 area, stop loss at 3420, target 3245 (monthly support).
Buy opportunity: If the price falls back to 3315-3280 at the beginning of the week and stabilizes, go long in the mid-term, stop loss at 3260, target 3400.
IV. Risks and Warnings
Beware of institutional manipulation: Friday's late-day surge may be a trap for buying; beware of a flash crash at Monday's opening.
Data disturbance: Pay close attention to the speeches of Fed officials. If inflation rebounds or hawkish remarks are made, it will be bearish for gold.
Undetermined trend: The market is still volatile and unilateral trends need to wait for confirmation of a breakthrough in the range.
Conclusion
Short-term: Prioritize shorting in the 3370-3385 area, and enter long positions in the 3340-3315 area when appropriate, maintaining strict stop-loss orders.
Mid-term: The monthly bearish pattern has not changed, and above 3385 is the ideal entry point for short positions.
Key Strategies: "Don't chase long positions during strong resistance; don't sell short during deep declines; follow the trend after a breakout; exercise caution in controlling the market."
