XAUUSD: 8/8 Today's Trading Strategy

Gold yesterday fluctuated and closed down with a small negative line, and the real K line of the daily line was not big. In a narrowing shock. The short-term failed to further extend the rebound at the end of last week. Instead, it was under pressure and fluctuated and closed at a low level. There are signs of weakening in the short term, but it still cannot get out of the unilateral situation. The shock is the front and the trend is the back. The oscillating rhythm of the yin and yang swaps on the daily K-line. According to the 1-hour chart, the trend of gold has been suppressed by the moving average, and the trend is bearish on the market. However, considering that the 1932 line is a support position for the recent trend, and we can see signs of double bottoming in the form, then we are bearish At the same time, it is also necessary to prevent the trend from giving us a wave of rebound, and the current trend is in an important support position of the market. Next, it depends on the situation of the trend breaking position. Combined with the downward movement of the moving average, it indicates that the market is oscillating downward.

The performance of gold yesterday seemed a bit unsatisfactory. The opening of the day showed a correction under pressure, and it fell back slightly to the 1931 line. Although there is not much room for correction, the continuous downward revision will obviously affect the overall market sentiment. In addition, this week’s fundamentals focus on the US CPI data, and the market’s focus has also shifted to whether the Fed has entered an interest rate cut cycle, which means that there may be emotional changes in the market this week, but this needs to be guided by fundamentals, and the confidence of gold bulls will also increase. May need to rely on fundamentals to strengthen.

​Gold operation strategy:
SELL: 1944-1946
TP1:1940
TP2:1935

BUY: 1928-1931
TP1:1935
TP2:1941

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