XAUUSD: 9/4 Today’s Analysis and Strategy

Gold was helped by central bank buying and geopolitical tensions, with strong economic data failing to dampen the metal's appeal.

In recent times, the price trend of gold has attracted much attention, and today the price of gold hit a new high again. Gold has had a meteoric rise over the past two weeks or so. Still, a generally positive tone for equities amid easing geopolitical tensions in the Middle East limited further gains for the safe-haven metal amid extreme jitters on the daily chart.

Ahead of this week's U.S. CPI data and the Federal Reserve meeting minutes, some bulls may choose to take profits and trigger a short-term correction in gold prices. Now that the gold price has strongly exceeded the 2350 mark, it is expected to rise towards the 2380-2400 area. There are few economic data on this trading day. We will focus on the market’s expectations for the U.S. CPI data for March that will be released on Wednesday, and pay attention to the situation in the Middle East.

gold analysis
Daily resistance is 2400, support below is 2300-2280
Four-hour resistance is 2370, support below is 2342-2330

✅Gold operation suggestions: Judging from the current market trend, focus on the strong support of 2328-2330 below, and the short-term long and short dividing line of 2328. Go long when reaching strong support, gold breaks through history again, short sellers will not participate for the time being

BUY:near 2330
BUY:near 2340

Technical analysis only provides trading direction!

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Following the trend, the waterfall begins. Target reaches 2320 before CPI release

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Gold experienced a sharp adjustment before the release of CPI. Gold may plummet. Support at 2343/2330 below. My downside target is the 2325~2300 range

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Today's gold price fluctuates too much, close the transaction with profit

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Why gold will fall is because of tomorrow's CPI. If gold wants to continue to rise and break through, it must first fall to give the illusion that shorts can enter the market, and then leave room for bulls, so that gold can continue to break through new highs after tomorrow's CPI. It's like the tighter the spring is pressed, the higher it bounces back.

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Wish us luck today and don’t miss today’s analysis and strategy, below↓

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We have already made a profit by selling before gold CPI. CPI release predicts that gold will fluctuate greatly, please trade with caution

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Trade active:

I said yesterday that today we will continue to short on rallies and have now made a profit of 80 pips. Welcome to check my work. I will share today’s market analysis and strategies for free right away