Information Summary:
Despite diminished market expectations for a September US rate cut, gold rebounded from a one-month low hit the previous session on Thursday, boosting its safe-haven appeal as newly announced US tariffs sparked new trade uncertainty.
So far, gold has risen 1.15%, hovering around $3,310, a gain of nearly $40 today. On Wednesday, gold prices hit their lowest point since June 30th: $3,267.79.
Market Analysis:
On the 4-hour chart, prices remain below the middle Bollinger Band, with a descending trendline defining the current bearish momentum. Prices rebounded after hitting this month’s low on Wednesday. In the short term, watch for price rejection signals near the trendline. Upward pressure currently lies between $3,315 and $3,325, while support lies between $3,280 and $3,270.
Currently, prices are fluctuating upward. Quaid believes the bullish trend may continue. If the current resistance level is broken, it could reach the 3335 high before Wednesday’s decline.
Trading strategy:
Go long near 3300, stop loss at 3290, profit range 3320-3330.
