Gold’s short-term lows move upward, and the highs also move downward at the same time, forming a triangular range on the chart. This also indicates that short-term bulls and bears for the gold price are fiercely battling.
However, looking at the larger 4-hour timeframe, despite the selling pressure above 4700, the probability of gold moving upward is still slightly lower than the probability of a pullback falling—overall, the chance of an upward move is smaller than that of a drop.
Tonight, the U.S. July PCE data will be released. The market will need a catalyst from the news to open a clear direction.
Before the news is released, market volatility is unlikely to be too large. For afternoon operations, my personal suggestion is to execute a buy-low/sell-high strategy within the triangular range. Watch support around the 4640—4645 area. For resistance, look around 4665—4660. #黄金 #伦敦金 $XAU
However, looking at the larger 4-hour timeframe, despite the selling pressure above 4700, the probability of gold moving upward is still slightly lower than the probability of a pullback falling—overall, the chance of an upward move is smaller than that of a drop.
Tonight, the U.S. July PCE data will be released. The market will need a catalyst from the news to open a clear direction.
Before the news is released, market volatility is unlikely to be too large. For afternoon operations, my personal suggestion is to execute a buy-low/sell-high strategy within the triangular range. Watch support around the 4640—4645 area. For resistance, look around 4665—4660. #黄金 #伦敦金 $XAU
