August 4: Gold is ranging and testing breakouts
Yesterday, gold fell all the way, testing the bottom and probing the 4,020 support, before bouncing. Today’s open saw a slight rise in the gold price; it climbed to a high of $4,069, but it has not managed to hold above that level effectively. Currently, the buy price is near the $4,050 area. Overall, it is more inclined to range trade.
On the hourly timeframe, gold again bottomed and bounced near the $4,020 level. Although it is not yet clearly a reversal signal, as I said in my remarks last night: after probing the $4,020 support, I personally believe it was an obvious bottoming behavior. If today’s gold can move up effectively and does not fail to hold above $4,080, the price may continue testing higher toward $4,120.
Today’s trading suggestions:
At the current price near $4,050, consider going long; place risk control below $4,040. Target $4,080; if it breaks out, continue to watch for $4,120!
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile; investing is risky, and you should proceed with caution when entering the market. $XAUUSD
Yesterday, gold fell all the way, testing the bottom and probing the 4,020 support, before bouncing. Today’s open saw a slight rise in the gold price; it climbed to a high of $4,069, but it has not managed to hold above that level effectively. Currently, the buy price is near the $4,050 area. Overall, it is more inclined to range trade.
On the hourly timeframe, gold again bottomed and bounced near the $4,020 level. Although it is not yet clearly a reversal signal, as I said in my remarks last night: after probing the $4,020 support, I personally believe it was an obvious bottoming behavior. If today’s gold can move up effectively and does not fail to hold above $4,080, the price may continue testing higher toward $4,120.
Today’s trading suggestions:
At the current price near $4,050, consider going long; place risk control below $4,040. Target $4,080; if it breaks out, continue to watch for $4,120!
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile; investing is risky, and you should proceed with caution when entering the market. $XAUUSD