8.24 Morning Thoughts
Gold prices have continued to break upward recently, with bullish sentiment concentrated and released, and the weekly-level bullish structure remains intact.
The long-term support logic has not changed: the U.S. debt scale continues to rise; multiple central banks are reducing their holdings of U.S. Treasuries while continuously buying gold to build diversified reserves; employment data is cooling, and the market is pricing in expectations of Federal Reserve rate cuts; combined with geopolitical hedging and risk aversion, multiple factors provide underlying support for gold prices.
Resistance: 4620 4630 4680 4700
Support: 4540 4550
Plan: Pull back to around 4540-4570 to consider buying dips (long), with targets looking toward around 4620-4640
$XAUT #Gold
Gold prices have continued to break upward recently, with bullish sentiment concentrated and released, and the weekly-level bullish structure remains intact.
The long-term support logic has not changed: the U.S. debt scale continues to rise; multiple central banks are reducing their holdings of U.S. Treasuries while continuously buying gold to build diversified reserves; employment data is cooling, and the market is pricing in expectations of Federal Reserve rate cuts; combined with geopolitical hedging and risk aversion, multiple factors provide underlying support for gold prices.
Resistance: 4620 4630 4680 4700
Support: 4540 4550
Plan: Pull back to around 4540-4570 to consider buying dips (long), with targets looking toward around 4620-4640
$XAUT #Gold