XAUUSD: Don’t rush to chase the rise, wait for a pullback first

25 ส.ค.

This year's Jackson Hole symposium, held at a policy crossroads for the Federal Reserve over whether to cut interest rates, captivated global attention.

Powell's shift from hawkish to dovish rhetoric ignited the market, completely contradicting previous market forecasts. The US dollar subsequently fell sharply, leading to a breakout rally in gold, from $3,330 to around $3,380.

In the short term, gold prices surged strongly last Friday, with many investors chasing long positions. Therefore, we should be wary of a pullback after profit-taking. Furthermore, Powell's speech last Friday has largely been digested, and the excitement has cooled somewhat.

In the long term, gold prices will undoubtedly continue to rise. A Fed rate cut is imminent, and any reduction, regardless of the magnitude, would represent a resumption of quantitative easing. The resulting situation is foreseeable. The US dollar will continue to decline, while gold will continue to rise, potentially reaching a new all-time high of $3,500.

Looking at the 1-hour gold chart, 3350, which has previously failed to break through, will be the next key support level. If it holds, buy boldly. If it breaks, look for further support at 3330.

Therefore, don't rush into trading. Waiting for the right entry point will be more efficient and more stable.

25 ส.ค.

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Yesterday's strategy was very accurate. As predicted, after the gold price fell back to the support area near 3350, it rebounded strongly, reaching a high of 3386.