The market continues to digest the testimony of the Federal Reserve Chairman Powell. In his two-day speech, he appeared slightly less hawkish on the second day, which helped prevent further decline in gold prices. After Powell hinted at the possibility of a 50 basis points rate hike by FOMC in March, gold prices plummeted on Tuesday, and then stabilized in Thursday's trading.
The XAUUSD trend during the data week was fiercely contested between longs and shorts. After Powell's speech, the market experienced a sharp decline followed by a rapid rebound above 1830, but the 1835 resistance line was noticeably strong on the four-hour chart. The focus for the day is on the suppression situation in this area. The upcoming non-farm data is also bearish for XAUUSD, so a preemptive layout is recommended, and the strategy is to maintain a short position on rallies.
Personal trading strategy: Enter a short position at 1835-1840 with a target of 1820-1810. I will continue to update my views on XAUUSD, so please stay tuned.
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