On Monday (August 5) in the Asian market, spot gold fluctuated in a narrow range and is currently trading around 2447. Last Friday, the price of gold rose and fell. Earlier, because the US non-farm data was worse than expected, it once rose to around 2477 US dollars, but then the bulls took the opportunity to take profits. The international gold price gave up the gains and turned from rising to falling. The lowest intraday price hit 2410 US dollars/ounce. The US dollar index fell sharply and concerns about the geopolitical situation in the Middle East lingered, still attracting bargain-hunting buying to support gold.
The Japanese stock market plummeted 7% and fell into a bear market. There are reports that Iran will attack Israel as early as Monday, and geopolitical tensions have put pressure on the stock market. Gold, which has been in line with the stock market recently, has also suffered a sharp drop. Spot gold fell sharply in the short term, falling more than 30 US dollars during the day. It should be reminded that the tense geopolitical situation in the Middle East will also limit the correction space of gold prices in the short term. US and Israeli officials expect Iran to launch an attack on Israel on Monday.
There are relatively few economic data this week. The focus of this trading day is on the US ISM non-manufacturing PMI data in July. The market expectations are relatively optimistic, and the short-term may put gold prices at risk of further correction. In addition, this week will usher in speeches by many Fed officials. Investors need to pay close attention and pay attention to the changes in the market's expectations for the Fed's 50 basis point rate cut in September.
[Technical side]
Gold fell sharply before the Asian session, with large fluctuations. Pay attention to today Monday. Pay attention to the main force continuing to enter the market. Overall, the support level of 2400 is still concerned. Pay attention to the pressure level of 2450 above. Sell high and buy low. The bigger the market, the greater the profit!
Trading strategy:
Gold 2415-2418 long, stop loss 2404, target 2440-2450;
Gold 2448-2450 short, stop loss 2462, target 2420-2410;
Note: The above strategy was updated on August 5
The Japanese stock market plummeted 7% and fell into a bear market. There are reports that Iran will attack Israel as early as Monday, and geopolitical tensions have put pressure on the stock market. Gold, which has been in line with the stock market recently, has also suffered a sharp drop. Spot gold fell sharply in the short term, falling more than 30 US dollars during the day. It should be reminded that the tense geopolitical situation in the Middle East will also limit the correction space of gold prices in the short term. US and Israeli officials expect Iran to launch an attack on Israel on Monday.
There are relatively few economic data this week. The focus of this trading day is on the US ISM non-manufacturing PMI data in July. The market expectations are relatively optimistic, and the short-term may put gold prices at risk of further correction. In addition, this week will usher in speeches by many Fed officials. Investors need to pay close attention and pay attention to the changes in the market's expectations for the Fed's 50 basis point rate cut in September.
[Technical side]
Gold fell sharply before the Asian session, with large fluctuations. Pay attention to today Monday. Pay attention to the main force continuing to enter the market. Overall, the support level of 2400 is still concerned. Pay attention to the pressure level of 2450 above. Sell high and buy low. The bigger the market, the greater the profit!
Trading strategy:
Gold 2415-2418 long, stop loss 2404, target 2440-2450;
Gold 2448-2450 short, stop loss 2462, target 2420-2410;
Note: The above strategy was updated on August 5
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SELL2450 The goal of 2420 is about to be achieved!
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