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Spot gold short-term trading strategy on August 30: Before falling below the 200-day moving average, it tends to be bullish
The Fed chairman, as always dovish, did not give a timetable signal for reduction at the Jackson Hole annual meeting and reiterated that the current surge in inflation is temporary. The market’s expectations for the timing of the Fed’s rate hike have been further postponed, and the US dollar index has weakened sharply; and the US hurricane and the situation in Afghanistan have also boosted some risk aversion.
On Monday (August 30) Asian session, spot gold surpassed and fell. Fed Chairman Powell, as always dovish, did not signal a timetable for reduction at the Jackson Hole annual meeting and reiterated that the current surge in inflation is temporary. The market’s expectations for the timing of the Fed’s rate hike have been further postponed, and the US dollar index has weakened sharply; and the US hurricane and the situation in Afghanistan have also boosted some risk aversion. The price of gold once hit a new high of US$1823.31 per ounce in the past four weeks, and is currently falling back to around 1816.
The short-term increase in spot gold prices is too large, approaching a two-and-a-half-month high. This week will also usher in the US non-agricultural employment report. The bulls still have scruples, and some investors have profited, making gold prices also face some adjustment needs in the short-term.
Daily level: shocks rose; MACD Jin Cha and crossed the zero axis, KDJ re-formed the Jin Cha, the price of gold broke the double resistance of the 100-day moving average and 200-day moving average. Long; the initial resistance is near the intraday high of 1823.31, and further resistance is near the August 4 high of 1831.78. If it can be broken further, it will increase the mid-line bullish signal, and it means that the gold price is expected to further test the resistance near 1850.
The 200-day moving average below has been transformed into initial support, and further support is near the 5-day moving average at 1804.21, and the 10-day moving average is supported near 1796.21. If it unexpectedly falls below this position, it will destroy the short-term bullish signal.
(Spot gold daily chart)
Resistance: 1823.31; 1831.78; 1842.68; 1850.00;
Support: 1810.03; 1804.21; 1796.21; 1785.55;
Short-term operating recommendations: conservatives wait and see; radicals do more cautiously on dips.
GMT+8 10:08, spot gold is now quoted at 1818.42 US dollars per ounce.
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