Event Summary:
On Monday, US time, after several hours of talks with Ukrainian President Volodymyr Zelensky and other European leaders, Trump contacted Putin, attempting to organize a trilateral meeting to end the Russia-Ukraine conflict.
Trump stated that after the meeting, he spoke with Putin and began arranging a meeting between Putin and Zelensky, the location of which is yet to be determined. The US hopes to facilitate a meeting between Putin and Zelensky before the end of August.
This Friday, Powell will speak at the Jackson Hole Fed annual meeting. Such events are most likely to trigger new market fluctuations. Therefore, gold is likely to be bearish before the annual meeting.
Market Analysis:
After falling below 3355 in Asian trading on Monday, gold has so far experienced multiple pullbacks to build momentum towards the 3350-3360 resistance range, but has been unable to break through and maintain its position. It has repeatedly fallen under downward pressure and continued to create new lows.
Looking at the 1-hour chart, gold has been trading below the middle Bollinger Band in the short term, with the RSI indicator below the mid-axis, indicating a relatively flat trend. Gold is still in a weak market.
Trading Strategy:
Short around 3345-3350, with a stop-loss at 3360. Profit range: 3330-3320.
Long around 3315, with a stop-loss at 3305. Profit range: 3340-3350-3360.
