New Month, August 1st - Personal Subjective Analysis of Gold:
The July rate decision, announced early this morning, kept the rates unchanged. Based on Powell's speech, the market is once again heightening expectations for a rate cut in September. Following the rate decision announcement,
gold broke the critical level of 2432, advancing as predicted yesterday. This has indeed opened a new upward trend, with prices rising to 2458 this morning.
Today's movement sees a correction and pause. Attention should be paid to the manner of the correction:
1. If it steadily rises along the blue upward trend line, watch the key level at 2455. A firm break above it can provide opportunities for long positions. 'Note the key level at 2474 if orders are placed.'
2. If it corrects down to the critical levels of 2432 or 2426, and stabilizes without falling further, long positions can be considered.
Reminder: At the start of August, volatility will be higher this week. Important data will be released over the next two days. Pay attention to key levels, calculate risks properly, and then proceed with trading.
'The above is a personal subjective analysis for reference only. Please do not follow blindly. Losses incurred are your own responsibility.'
