XAUUSD: Today I waited until 2530 before trading

٢٩ أغسطس

As can be seen from the figure, my two trend prediction lines were drawn very accurately. It is a pity that we were in the 2500-2505 buying range, and the two buying orders were all profit-taking before the market closed. The best performance of these two rises was in the Asian session of the next day. During that period, I was still sleeping in Europe, which was quite regrettable.
But think about it the other way around. You should be content if you can make money, because you can't make money in all trends. It's always better to make money than to lose money, isn't it?
Yesterday before I took a break, I said that if the historical high cannot be refreshed today, then gold may start to fall. This high point has been attacked many times. After many unsuccessful attacks, the bullish force will weaken. Therefore, whether this attack can be refreshed is a key point. Please keep an eye on it.
How should I trade today? To be honest, I am not sure for the time being, because the current position is in the middle of support and resistance. If I continue to be bullish, it is too far away from the lower support. I feel that there is a risk. If I am bearish, it is still more than ten dollars away from the upper resistance, which is also risky.
Therefore, I think it is better to wait and see. Today, three US data will be released. When the data comes out, I think the direction of the market will be much clearer.

Trading strategy:
If it can break through the historical high today, I think it can chase the rise, with a target of 2550-2570
If it encounters resistance near 2530 today, you can consider selling at a high level, with a target of 2505-2500

٢٩ أغسطس

تم فتح الصفقة

The number of initial jobless claims in the United States this week and the revised annualized quarterly rate of real GDP in the second quarter of the United States will be announced later. After the data is released, the trend of gold prices will become clearer. Please pay attention.

٢٩ أغسطس

تم فتح الصفقة

Gold turned to decline near 2525, with a drop of $10, and the 2525 line is not a resistance area. Why did it fall? This is the impact of the upcoming data release. Some investors have anticipated the data in advance, but everything still depends on the specific release of the data.
And this is what I said, the distance below is far from the support, and buying bullish is risky.
We can continue to wait and see and wait for the data to be released.

٢٩ أغسطس

تم فتح الصفقة

Sure enough, the two data just released were negative for gold.

٢٩ أغسطس

تم فتح الصفقة

After two negative data, gold basically cannot set a new high today. According to the strategy, if it cannot set a new high today, then it will start a decline mode.
Therefore, we wait for the long rebound to be exhausted today, and we choose to sell at a high level, with a target of 2505-2500. If it can fall below this range support, the target can be seen at 2470

٢٩ أغسطس

تم فتح الصفقة

The price of gold rebounded sharply when the monthly rate of the U.S. existing home contracted sales index in July was significantly bullish for gold. Now the price has once again reached the intraday decline zone. It is already at a high level and the bullish impact has been basically digested. I am ready to make a high-level Sell here.

٢٩ أغسطس

تم فتح الصفقة

The gold price failed to break through here three times, and now it has started to pull back here again. The Sell order I just entered has started to make a profit, which is good.

٣٠ أغسطس

تم إغلاق الصفقة يدويًا

Today, the gold price fell during the Asian session. The current price is around 2515. I have closed my position with profit.
2515 is near the lower track of the hourly line. There will be support here. There is no need to continue to hold on. It is safer to put the profits in your pocket first. We can wait for the rebound to go up and then choose Sell.