Gold market trend analysis and operation strategy

Aug 6

Gold technical analysis
Daily resistance 2445, support below 2401
Four-hour resistance 2425, support below 2401

Gold operation suggestions: Yesterday, gold reached 2364 and stabilized and rebounded. Finally, the gold price rebounded further in the US market and closed above the 2400 integer mark. The overall price finally returned to the 2400 mark after a wide range of long and short tug-of-war around the 2364-2458 range and fluctuated. Judging from the current trend, the support below will focus on the 2400 mark today, and the pressure on the top will focus on around 2425-2434. During the day, we will rely on this range to sell high and buy low.

From the current trend, today's support below focuses on the 2400 mark, and the upper pressure focuses on the 2425-2434 area. Sell high and buy low in this range first.

BUY:2401near SL:2395
BUY:2425near SL:2422
BUY:2445near SL:2440
SELL:2470near SL:2474

Aug 6

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The yield on the 10-year U.S. Treasury note hit its lowest since mid-2023 as recession fears intensified after a dismal July jobs report. Still, gold prices, which have risen more than 16% so far this year, could regain their footing going forward, given ongoing economic and political uncertainty and expectations of rate cuts from the Federal Reserve, which should bode well for zero-yielding bullion. Gold prices are still up about 17% this year, supported by expectations of a shift by the Fed toward monetary easing. Lower borrowing costs are good for gold, which pays no interest. Swap traders are pricing in at least five 25 basis point rate cuts by the Fed in 2024, with a 16% chance of an emergency rate cut before the end of its next scheduled meeting on Sept. 18, amid concerns the U.S. economy is sliding into recession. Increased purchases by central banks and Asian consumers also helped boost gold prices. Heightened geopolitical tensions in the Middle East, with Israel preparing for attacks from Iran and regional militias, also supported gold prices.

Aug 6

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Aug 6

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Aug 7

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Aug 7

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Aug 7

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