XAUUSD(Gold)- Real-time Trading Strategy

Sep 11

XAUUSD
The current gold price remains within the shock range mentioned yesterday. During today's white trading, gold prices hit a high of around 2,529, the high point reached when the non-agricultural data was released last week, and then began to fall. We simultaneously provided a short order strategy in the 2526-2529 range, and successfully captured the high point of the day to enter the market. Before the release of US CPI data, gold prices had been hovering sideways in the range of 2520-2527. After the CPI data was released, gold plummeted as expected, reaching around our expected target of 2500, with a profit of more than $25.

From a technical perspective, gold prices are currently in a state of high box shock. The 4-hour chart failed to break through new highs many times, showing an obvious high multiple top structure, indicating strong resistance above and gold prices may fall back under pressure at any time. If there is a rebound during the U.S. trading session, it is recommended to continue shorting on rallies.

Following the release of the US CPI data, gold briefly bottomed out at 2512 and then rebounded to around 2522, then started a downward trend. The high point of the rebound above is gradually lowering, and the probability of setting a new high today is low. Therefore, it is recommended to pay attention to the rebound shorting opportunity in the 2520-2523 range, which is the safest choice at present. If the gold price falls back to the 2500-2502 range again, short-term long positions can still be considered, and attention should be paid to the defense of the 2495 line. If it accidentally falls below 2495 in the evening, the possibility of further falling to the non-agricultural low of 2485 cannot be ruled out. At that time, the long order strategy should be decisively abandoned.

On the whole, today's short-term gold operation advice is mainly to go short on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2525-2529 resistance range, and the bottom short-term focus will be on the 2500-2502 support range.