Gold layout analysis: The strong performance of U.S. economic data released last week supported the dollar's strength again. On Tuesday, Fed Governor Waller spoke, believing that policymakers can raise interest rates cautiously. The U.S. ISM non-manufacturing industry recorded 54.5 in August, released on Wednesday. Better than market expectations of 52.5, this increased expectations for the Federal Reserve to raise interest rates in November, pushing the dollar to continue to rise and suppressing gold prices.
Gold is currently relying on the support of 1915 to ease its decline, and it has also shown signs of bottoming in the short term. However, it hit the 1930 mark and fell again, which did not change the bearish trend of peaking at 1950. The daily line is in the peaking and falling stage, the MA5-MA10 moving average maintains the trend of a dead cross, and the MACD green column can start to increase the volume; the weekly line is also in a concussive downward pattern, the pressured Bollinger middle rail continues to fall, and the three Bollinger Bands rails open downward at the same time. The decline is expected to continue lower. The focus now is to focus on the key watershed of 1915. Once it clearly falls below, the downside risk will further intensify and it is expected to test near the 1900 mark. For a rebound, just focus on the pressure near 1926.
Focus on the position of gold: shorting near the 1933~1937 position, stop loss 6~7 US dollars, target 1917-1915
Gold is currently relying on the support of 1915 to ease its decline, and it has also shown signs of bottoming in the short term. However, it hit the 1930 mark and fell again, which did not change the bearish trend of peaking at 1950. The daily line is in the peaking and falling stage, the MA5-MA10 moving average maintains the trend of a dead cross, and the MACD green column can start to increase the volume; the weekly line is also in a concussive downward pattern, the pressured Bollinger middle rail continues to fall, and the three Bollinger Bands rails open downward at the same time. The decline is expected to continue lower. The focus now is to focus on the key watershed of 1915. Once it clearly falls below, the downside risk will further intensify and it is expected to test near the 1900 mark. For a rebound, just focus on the pressure near 1926.
Focus on the position of gold: shorting near the 1933~1937 position, stop loss 6~7 US dollars, target 1917-1915
