English
Market News Spot Gold Trading Strategy on August 27: Powell Speech and PCE Data Strikes Together
Spot Gold Trading Strategy on August 27: Powell Speech and PCE Data Strikes Together
The explosion in Afghanistan has boosted some risk aversion. However, the market is still generally concerned about the speech of Fed Chairman Powell at the Jackson Hole Central Bank Annual Meeting in the evening, and the market is still worried about the Fed's disclosure of the schedule for reducing the scale of debt purchases. In addition, the market expects that the US PCE annual rate in July will be higher than the performance in June, which may also increase the pressure of the Federal Reserve to tighten monetary policy. Overall, the risk of volatility and decline in gold prices is slightly greater.
2021-08-27
9256
During the Asian session on Friday (August 27th), spot gold rose slightly and is currently trading at $1,798.44 per ounce. The Afghan explosion boosted some risk aversion. However, the market is still generally concerned about the annual meeting of the Jackson Hole Central Bank in the evening. In the speech of Fed Chairman Powell, the market is still worried about the Fed's disclosure of the schedule for reducing the scale of bond purchases. In addition, the market expects that the US PCE annual rate in July will be higher than the performance in June, which may also increase the pressure of the Federal Reserve to tighten monetary policy. Overall, the risk of volatility and decline in gold prices is slightly greater.
Of course, considering the recent development of the epidemic, Powell may also disappoint the market, that is, if he does not announce a timetable for reducing debt purchases, then gold prices may gain some momentum in the short-term.
Daily level: shock; intertwined moving averages, MACD golden cross, KDJ slightly dead cross, short-term trend is more variable.
The gold price has been suppressed by the multiple resistances of the downward trend line, 100-day moving average and 200-day moving average since 1916. Before breaking the strong resistance of the 100-day moving average at 1811.55, the market outlook is still facing the risk of shock and decline; the initial resistance is near the 10-day moving average at 1792.29 overnight. The low point is supported at around 1780.10, and the August 16 low point is supported at around 1770.93. If it falls below this support, it will increase the mid-line bearish signal.
The resistance of the downtrend line is currently around 1802.50. If this resistance is broken, it will increase the possibility of the gold price to further test the 100-day moving average; once it breaks above the 100-day moving average resistance, it may further rise to the August 4 high of 1831.78 nearby.
(Spot gold daily chart)
4-hour level: shock; pay attention to the breakthrough of the Bollinger Band orbit 1780.51-1810.21.
Resistance: 1802.50; 1811.55; 1820.00; 1831.78;
Support: 1791.29; 1780.10; 1770.93; 1764.22;
Short-term operating recommendations: conservatives wait and see; radicals cautiously short rallies.
GMT+8 11:24, spot gold is now quoted at US$1,798.56 per ounce.
Of course, considering the recent development of the epidemic, Powell may also disappoint the market, that is, if he does not announce a timetable for reducing debt purchases, then gold prices may gain some momentum in the short-term.
Daily level: shock; intertwined moving averages, MACD golden cross, KDJ slightly dead cross, short-term trend is more variable.
The gold price has been suppressed by the multiple resistances of the downward trend line, 100-day moving average and 200-day moving average since 1916. Before breaking the strong resistance of the 100-day moving average at 1811.55, the market outlook is still facing the risk of shock and decline; the initial resistance is near the 10-day moving average at 1792.29 overnight. The low point is supported at around 1780.10, and the August 16 low point is supported at around 1770.93. If it falls below this support, it will increase the mid-line bearish signal.
The resistance of the downtrend line is currently around 1802.50. If this resistance is broken, it will increase the possibility of the gold price to further test the 100-day moving average; once it breaks above the 100-day moving average resistance, it may further rise to the August 4 high of 1831.78 nearby.
(Spot gold daily chart)
4-hour level: shock; pay attention to the breakthrough of the Bollinger Band orbit 1780.51-1810.21.
Resistance: 1802.50; 1811.55; 1820.00; 1831.78;
Support: 1791.29; 1780.10; 1770.93; 1764.22;
Short-term operating recommendations: conservatives wait and see; radicals cautiously short rallies.
GMT+8 11:24, spot gold is now quoted at US$1,798.56 per ounce.
Bonus rebate to help investors grow in the trading world!
Or try Free Demo Trading
