Gold Analysis and Trading Strategy | August 28✅ Fundamental Analysis
🔹 Political Risk: Trump’s attempt to dismiss Federal Reserve Governor Cook has raised concerns about the Fed’s independence.
🔹 U.S. Dollar Performance: The U.S. Dollar Index closed slightly lower on Wednesday, now trading around 98.19. The relative weakness of the dollar is providing some support for gold prices.
🔹 Economic Data: Multiple U.S. economic data releases are scheduled for today, which may bring volatility to the market.
🔹 Trade Relations: The EU plans to propose a tariff reduction on U.S. goods to ease trade tensions. The easing of geopolitical risks may slightly weaken gold’s safe-haven demand.
✅ Technical Analysis
🔸 On the daily chart, gold has rebounded from recent lows with consecutive bullish candles. It is currently trading between the middle and upper Bollinger Bands, near the 3395–3400 zone.
🔸 On the 4-hour chart, gold has repeatedly tested the 3395–3400 resistance area but remains in high-level consolidation. Prices are trading above the MA20 and MA60, with a bullish crossover providing support. Gold is consolidating above the Bollinger mid-band, with the upper band capping gains near 3405. The trend remains biased to the upside, but the 3400–3405 zone is a critical resistance that needs confirmation.
🔸 On the 1-hour chart, gold found support around 3375 and rebounded, reaching as high as 3399 before pulling back. This shows short-term bullish momentum is weakening, with signs of pressure at higher levels. Key focus is on the 3380–3375 support zone — a break below this level could trigger a further drop toward 3360.
🔴 Resistance Levels: 3400–3405 / 3409–3415 / 3425
🟢 Support Levels: 3383–3380 / 3373–3370 / 3360
✅ Trading Strategy Reference:
🔻 Short Position Strategy:
🔰Consider entering short positions in batches if gold rebounds to the 3395-3399 area. Target: 3375-3365；If support breaks, the move may extend to 3355.
🔺 Long Position Strategy:
🔰Consider entering long positions in batches if gold pulls back to the 3355-3360 area. Target: 3370-3380；If resistance breaks, the move may extend to 3390.
🔥Trading Reminder: Trading strategies are time-sensitive, and market conditions can change rapidly. Please adjust your trading plan based on real-time market conditions. If you have any questions or need one-on-one guidance, feel free to contact me🤝
