Gold fluctuated at low levels in the Asian session last Friday. Powell’s dovish speech during the New York session significantly increased the probability of a September rate cut, with the possibility of subsequent rate cuts. Gold surged from around $3,330 to above $3,378, closing the daily chart with a sharp rise. During the week, gold prices rebounded after probing a bottom. Influenced by Powell’s dovish speech, gold’s rise accelerated, breaking through significant resistance and currently stabilizing above the middle Bollinger band. This week, it’s undoubtedly advisable to buy on pullbacks, observing the continuation of the bullish trend and the strength of any potential downside corrections. Given the current surge in expectations for rate cuts, it’s advisable to wait for a confirmed pullback before buying.
For intraday trading, 3358 was a resistance level repeatedly mentioned last week. After breaking through on Friday, it continued to rise and stalled around 3378. Today’s Asian session saw a slight pullback from Friday’s high, with 3358 forming a top-bottom reversal point. This is the primary intraday support level, followed by 3344, which will become a key line of defense for this bullish trend. We recommend buying around 3358 and waiting for market confirmation. Profit-taking is recommended near Friday’s high. If it breaks through 3378, wait for a small pullback to continue the bullish trend. If the pullback is significant, the area around 3344 will remain bullish support. For specific trading strategies, see a bullish trend above 3358, targeting 3378. A break above 3378 could target 3400-3410.
BUY: 3358near
BUY: 3344near
