XAUUSD: Influenced by data and news, it is bullish today

Jul 24

XAUUSD GOLD MGC1! GC1!
Gold fell back to the 2400 integer mark yesterday, and rebounded under the impetus of two favorable data, and the Indian government announced plans to reduce the import tariff on gold and silver from 15% to 6%. India's increased demand for gold may push up global gold prices, as India is the world's second largest gold consumer. Therefore, gold has finally ended the trend of falling for four consecutive trading days. Affected by the above news and data, gold is likely to continue to move upward in the short term.

This week, the focus still needs to be on the US second quarter GDP data released on Thursday, and the latest personal consumption expenditure (PCE) price index to be released on Friday, because this is the Fed's preferred inflation indicator. Only after these two data are released will the market really move in a new direction.

From the gold price hourly chart
The resistance range is: 2425-2430
The support range is: 2385-2390

Trading strategy: first bullish, then adjust according to real-time dynamics

Jul 24

Trade active

Very good, gold fell back to 2410 and started to rise, buy orders continue to hold bullish

Jul 24

Trade active

Keep up, if 2420 can break through, we are not far from TP.

Jul 24

Trade active

There is still some resistance in the 2420-2425 area. At the same time, the U.S. market is about to open, and the Bank of Canada will announce its interest rate decision shortly afterwards, and the preliminary U.S. PMI data will also be released soon. These factors are all subject to uncertainty, so I decided not to continue holding the Buy order and to cash in profits in advance. I will formulate a trading plan after these uncertainties have come out.

Jul 24

Trade active

Judging from the data just released, Canada's interest rate decision is in line with market forecasts and has almost no impact. However, the subsequent US manufacturing PMI preliminary value in July and the total annualized new home sales in June are bullish for gold. Only the preliminary value of the service industry PMI in July is slightly bearish. Overall, it is still bullish for gold.

From the 1-hour trend, the current price of gold is fluctuating around 2420 and is likely to continue to rise, but it is not far from the upper pressure range of 2425-2430, and the profit margin is not large, so I am not going to take the risk of opening a position to buy.

Not doing uncertain transactions is the survival rule of the market. We just need to wait for better opportunities!

Jul 24

Trade active

Today's trend is basically running along the line in the figure.