Gold: Bottom bounce
On Monday (August 28), the market continued to digest Powell's speech last week. The current market continues to digest Powell's speech last week. The market bets that the probability of raising interest rates by 25 basis points in November has increased from 33% a week ago to 51%. Waiting for a series of heavy data this week, the U.S. ADP data and non-agricultural data are expected to decline from the previous value. Spot gold benefited from the decline in the U.S. dollar and U.S. bond yields, and finally closed up slightly by 0.3%.
Spot gold XAUUSD 4 hours
Brief technical analysis:
In the 4-hour chart, gold further rose to around the 1920 mark after being supported at 1903. The MACD volume can increase on the zero axis, and the short-term trend is still bullish.
Resistance level: 1930 1940
Support level: 1910 1900
Trading strategy: bullish above 1910, target 1930 1940
Alternative strategy: bearish below 1910, target 1900 1895
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