XAUUSD(Gold) - SELL Around 2508-2510$

2 Eyl

XAUUSD
Last month, the overall trend of gold prices was strong, mainly supported by the conflict between Russia and Ukraine and the geopolitical situation in the Middle East. In addition, the US debt problem and inflationary pressure made it difficult for the Federal Reserve to implement a tighter monetary policy in the short term, which further supported the gold price. However, although the monthly line showed that the bulls had the upper hand, gold closed at a high level for two consecutive weeks, and the weekly momentum was significantly weakened, reflecting the fierce game between the bulls and the bears.

Last Friday, the gold price fell sharply and fell below the 2500 mark, indicating that the short-selling force is gradually increasing. In the morning trading today, the short-selling continued this trend and further broke through the key support level of 2493. Since there is no impact from the US market today, the gold price is expected to fall first and then rebound during the European trading session. In terms of operation ideas, it is still mainly shorting on rallies, and the European trading session is based on the resistance level of 2505-2508 for layout.

From the 4-hour chart, the moving average system has begun to turn downward, indicating that gold prices still have room to fall in the short term. The current moving average resistance has moved down to 2508, and a rebound to this position is an opportunity for short-term short selling. Overall, the bearish trend is continuing, and the rebound momentum is relatively weak.

Today's short-term operation is mainly short selling after rebound, supplemented by long selling after correction. The upper short-term focus is on the resistance range of 2508-2510, and the lower focus is on the support range of 2475-2470.

3 Eyl

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Gold Trading Strategies Reference

🎯Strategy 1: Go Sell when gold rebounds to around 2503-2507, stop loss 6-10 points, target around 2485-2480, break the position and look at the 2495 line✅

🎯Strategy 2: Go Buy when gold pulls back to around 2470-2473 , stop loss 6-10 points, target around 2480-2490, and look at the 2500 line if the position is broken✅

✴️Strategy orders are divided into two positions at 1:2 or 1:3. The two positions shall not exceed 15% of the total position. A spare position shall be reserved. All positions shall not exceed 20% of the total position;

✴️Strategy orders change SL to the entry price when the profit is more than 3 US dollars. Unless otherwise notified, the original price shall not be re-entered;

✴️Strategy orders implement current price closing, unless there is a clear statement of pending orders or positions, the strategy is only valid for the day; overnight orders are prohibited;

⚠️The trend of the gold market is changing rapidly, and trading strategies may also be adjusted in real time. Investors are advised to place orders cautiously and manage account funds and positions reasonably.

3 Eyl

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🚀Hit strategy 1, the lowest reached 2485, profit 20$

3 Eyl

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The current gold price has reached our expected target price of 2475