Analysis of gold price trend on Monday
Updated
On Monday, gold fluctuated within a narrow range, reaching as high as 2,510, further refreshing the historical high set last Friday and standing above the 2,500 mark for the first time in history. As market expectations for the Federal Reserve's interest rate cut in September continue to rise, the dollar weakens and the Middle East is tense. The situation has also spurred demand for gold.
The market fluctuated violently last week, with gold prices soaring from the week's low of 2423 to the weekend's close of 2507. However, this week Iran may retaliate and attack Israel, and Federal Reserve Chairman Powell's speech at the Jackson Hole annual meeting may trigger another earthquake. The European Central Bank and the Federal Reserve are expected to release meeting minutes before cutting interest rates in September. Sweden may lower interest rates, while Turkey and South Korea are expected to keep interest rates unchanged.
There is relatively little economic data this week, and Powell's speech will be the focus of the market this week. In addition, pay attention to the speeches of other Federal Reserve officials and news related to regional situations. From a technical perspective, the short-term bullish signal for gold prices has significantly strengthened, and it is expected to continue to set a new record high this week.
Technical
Gold continues to fluctuate upward, and the bullish trend has never changed. The bullish target of the 2,500 mark on Friday has been successfully achieved. Until the preconditions for top pattern signals and fundamental market news are established, the gold trend will remain unchanged.
Trading strategy:
BUY2480-2485, stop loss 2470, target 2500-2510;
SELL2515-2520, stop loss 2527, target 2490-2480;
The market fluctuated violently last week, with gold prices soaring from the week's low of 2423 to the weekend's close of 2507. However, this week Iran may retaliate and attack Israel, and Federal Reserve Chairman Powell's speech at the Jackson Hole annual meeting may trigger another earthquake. The European Central Bank and the Federal Reserve are expected to release meeting minutes before cutting interest rates in September. Sweden may lower interest rates, while Turkey and South Korea are expected to keep interest rates unchanged.
There is relatively little economic data this week, and Powell's speech will be the focus of the market this week. In addition, pay attention to the speeches of other Federal Reserve officials and news related to regional situations. From a technical perspective, the short-term bullish signal for gold prices has significantly strengthened, and it is expected to continue to set a new record high this week.
Technical
Gold continues to fluctuate upward, and the bullish trend has never changed. The bullish target of the 2,500 mark on Friday has been successfully achieved. Until the preconditions for top pattern signals and fundamental market news are established, the gold trend will remain unchanged.
Trading strategy:
BUY2480-2485, stop loss 2470, target 2500-2510;
SELL2515-2520, stop loss 2527, target 2490-2480;
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XAUUSD
SELL: 2505near
SL:2512.5
TP:2497~2490
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