XAUUSD(Gold)- Long-Short Conversion

5 Eyl

Today , the US market will see the release of the US ADP employment data for August, followed by the release of non-farm data on Friday. Therefore, the trend in the second half of this week needs to be treated separately from the first half of the week. Gold quickly recovered from its two declines this week. During today's Asian session, gold prices continued to trade above 2490 and have now broken through the 2500 mark. During the European session, gold prices rose strongly, easily breaking through the suppression level of 2507, and are currently trading around 2516. If the European session trend retreats as expected, there is a high possibility that the US session will continue to break new highs in the evening.

From the perspective of the European session strategy, it is recommended to observe the gold price retreat first, and then choose the opportunity to arrange long orders, with the goal of bullish. The primary support level below is 2505, and the second focus is on the 2500 mark. The upper resistance level can be appropriately moved up to 2518 or 2526.

From a technical perspective, the 4-hour chart shows that the MACD fast and slow lines form a golden cross and rise, and the red kinetic energy column is in the stage of large volume; the KDJ stochastic indicator golden cross diverges upward, and the RSI relative strength index also tends to rise. These signals are generally good for gold prices.

In summary, today's short-term operation of gold is mainly long after a correction, supplemented by shorting on rebounds. In the short term, the upper side needs to focus on the 2518-2526 resistance range, and the lower side needs to focus on the 2503-2505 support range. XAUUSD