8.26 Gold Morning Trading Outlook:
The ADP non-farm payrolls data has been released. As a forward-looking employment indicator, it may cause short-term disturbances to the US dollar and US Treasury yields. However, it can only bring short-lived fluctuations to the market and is unlikely to change gold’s longer-term trend.
This week’s key major events still lie ahead: Wednesday’s PCE inflation data and Friday’s Jackson Hole symposium speech by the Fed Chair. These two are the critical factors that will determine the market’s direction next.
At present, large funds overall remain cautious and on the sidelines. As a result, the market is unlikely to see an extreme one-way move in the near term.
After gold spikes higher, prices enter a period of choppy back-and-forth at high levels. The upward pace has clearly slowed, and it is now in a consolidation and digestion phase. The broader bullish trend has not been broken; only the short-term upward momentum has weakened. This is more of a buildup-and-consolidation after a rally, with no clear one-way direction yet.
Trading reference: build long positions based on the 4635–4605 support zone. The first target is 4670. If there is a valid breakout, you can continue to look toward around 4800.
The ADP non-farm payrolls data has been released. As a forward-looking employment indicator, it may cause short-term disturbances to the US dollar and US Treasury yields. However, it can only bring short-lived fluctuations to the market and is unlikely to change gold’s longer-term trend.
This week’s key major events still lie ahead: Wednesday’s PCE inflation data and Friday’s Jackson Hole symposium speech by the Fed Chair. These two are the critical factors that will determine the market’s direction next.
At present, large funds overall remain cautious and on the sidelines. As a result, the market is unlikely to see an extreme one-way move in the near term.
After gold spikes higher, prices enter a period of choppy back-and-forth at high levels. The upward pace has clearly slowed, and it is now in a consolidation and digestion phase. The broader bullish trend has not been broken; only the short-term upward momentum has weakened. This is more of a buildup-and-consolidation after a rally, with no clear one-way direction yet.
Trading reference: build long positions based on the 4635–4605 support zone. The first target is 4670. If there is a valid breakout, you can continue to look toward around 4800.
