August 12 Wanxin Gold Morning Analysis:
Previously, the market widely expected that overseas employment data would be weak. With the possibility of further rate cuts, the gold price was expected to keep rising.
Now, market expectations are gradually cooling. The US dollar has stabilized slightly and rebounded. Combined with profit-taking after the earlier rally and the lack of new favorable data to support further upside in gold, the market has entered a pullback and correction phase.
In the early hours, price moved downward all the way, dipping to around 4362 where it temporarily steadied. At present, it has rebounded slightly. This is merely a brief pause after the sharp drop. With insufficient upward momentum and relatively strong overhead resistance, after a short-lived rebound, it will most likely come under pressure and weaken again.
Gold: rebound around 4400-4410
Target: look down to around 4350-4340, then 4320#黄金弹升触2362
Previously, the market widely expected that overseas employment data would be weak. With the possibility of further rate cuts, the gold price was expected to keep rising.
Now, market expectations are gradually cooling. The US dollar has stabilized slightly and rebounded. Combined with profit-taking after the earlier rally and the lack of new favorable data to support further upside in gold, the market has entered a pullback and correction phase.
In the early hours, price moved downward all the way, dipping to around 4362 where it temporarily steadied. At present, it has rebounded slightly. This is merely a brief pause after the sharp drop. With insufficient upward momentum and relatively strong overhead resistance, after a short-lived rebound, it will most likely come under pressure and weaken again.
Gold: rebound around 4400-4410
Target: look down to around 4350-4340, then 4320#黄金弹升触2362