What to do after sudden gold rise?
Updated
🌸Hello everyone, it's a pleasure to share and explore the market with you today. Currently, the gold market (August 24) has increased significantly compared to the previous session. Gold has now far outstripped a dangerous $1,900 price point after economic data from Europe showed a less positive purchasing managers index (PMI), prompting investors to ramp up their purchases of gold to hedge risks. .
🌸Specifically, PMI in this region in August was 43.7 points, higher than 42.7 points in July and higher than the forecast level of 42.6 points. However, this is still far short of the 50-point expansion threshold for manufacturing.
🌸The best trend today you can wait for gold to test about one business and then buy.
🌸You can set up buy order at 1910-1908 SL 1903 TP 1920.1925
🌸Specifically, PMI in this region in August was 43.7 points, higher than 42.7 points in July and higher than the forecast level of 42.6 points. However, this is still far short of the 50-point expansion threshold for manufacturing.
🌸The best trend today you can wait for gold to test about one business and then buy.
🌸You can set up buy order at 1910-1908 SL 1903 TP 1920.1925
Note
Gold Price stays well beyond the short-term key resistances, now support, while approaching the key $1,938 resistance confluence comprising Fibonacci 61.8% on one-month and 161.8% on one-week.Before that, Pivot point one-week R2, near $1,930, may test the XAU/USD buyers.
It’s worth noting that Pivot Point one-week R3 acts as an extra upside filter around $1,942.
That said, the previous weekly high joins the middle band of the Bollinger on the hours chart and Pivot Point one-month S1 to highlight $1,916 as an immediate support.
Note
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Gold prices extended their recovery for the third consecutive session and touched the $1950 region on Wednesday. The daily increase is due to increased open interest and this suggests that additional profits will appear in the very near future. That said, the next notable target for the precious metal would be the July high of 1987 USD/troy ounce (July 20).Note
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Today is a bank holiday in the US and Canada. Gold doesn't fluctuate too muchNote
The strength of the US dollar coupled with US Treasury yields remains the main fundamental factor weighing on gold prices this week. After a quiet holiday session on Monday, the stronger US Dollar regained some of its bullish momentum on risk-off sentiment, fueled by re-emerged global growth worries.Gold is waiting for signs of recovery. Wait for the latest sell signal
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