A new week, a new beginning, 8/5 Gold Personal Subjective Analysis:
Last week's non-farm payroll data: Before the data was released, the highest gold price was 2468, very close to the key upper level of 2474. Generally, data releases cause gold prices to fluctuate by about 20. Without a definite basis, entering the market recklessly is not advisable.
This time, the teacher participated in the non-farm payroll market. Before the data release at 20:30 Asian time, the trend showed an upward structure with a starting point at 2456. A plan was made to enter with three long positions within this price range, and two positions were set to take profit at 2468.
The market once broke through the key level of 2474, surged to 2477 but couldn't sustain the upward momentum, then fell back to the starting point of 2456. The remaining one long position was set to stop-loss and take profit at 2468.
This wave of market fluctuations was evident. The analysis on 8/2 had already mentioned several bases for expectation. The upward range was too narrow, and without breaking and stabilizing above 2474 post-data release, a downward breakout of the key level at 2433 led to a stop at 2411.
Last Friday, gold closed by breaking through the key level of 2432 again. During today's Asian session, it dropped below 2432 and then rose, currently observing 2432 as the dividing point between bullish and bearish trends.
Currently, gold is moving in an ascending channel, and it is still observed with a bullish trend.
1. First, pay attention to the price range of 2422-2414 (red box). Verify stability before entering long positions.
2. Note if gold falls below 2411, 2403. This bullish trend could enter a large consolidation phase, possibly lasting through August until the "September Federal Reserve Rate Decision."
