The international gold price on Thursday (August 25) saw a slight increase as a whole, with a quotation of $1756.50 per ounce at 11:22, an increase of 0.25%.
Poor economic data in Europe and the United States, indicating that economic activity is weakening, has sparked some speculation that the Fed may not be so aggressive, which has provided some support for gold, but the market is still widely expected that Fed Chairman Powell will return this week. A hawkish speech, which means that although the price of gold has rebounded in the short-term, there is still a certain downside risk.
In terms of news, the U.S. new home sales data released on Tuesday plummeted to the lowest level in the past six years. The preliminary U.S. composite PMI value in August fell to the lowest level in the past two years. 3.8% fell sharply to 1.4%, which is bullish for gold prices. In addition, the geopolitical situation is still tense, providing safe-haven support for gold. Fed officials continued to deliver hawkish speeches. Kashkari said the Fed must tighten monetary policy. The market expects Fed Chairman Powell to deliver a hawkish speech this week. The probability of the Fed raising interest rates by 75 basis points in September rose to 52.5%. USD Sustaining near 20-year highs is not good for gold.
On Wednesday, international gold continued its unilateral and slow rise, and often erupted in silence. The Asia-Europe session rose slowly and went out to 1752 at 1744. The US market was very complicated. The heart is like a mirror to hold on to the end and take the long profits. The US market has stepped out of the big rise above 1742, the highest at 1755, with a strength of 13 US dollars. The point is to break the high point on Tuesday and form a trend. At the same time, the daily line closed in the sun again, and the low three consecutive yang performance was another form of red soldiers. The H4 cycle of Bollinger has been opened, and the heavy volume of gold will increase rapidly on Thursday, and the rise will be relatively strong. The visible highs are at 1765 and 1780.
Then, intraday trading can be done until you need to find a lower point. According to the current trend, gold may rise directly, and it may be a little more aggressive to go long today. After the rise on Tuesday, it will fall back to 1750 at midnight. Today, it will be supported by 1750. The rhythm can be seen in European and American markets to see big profits. For the intraday market, the price of gold has completed bottoming above 1728, making more profit above 1730 in the previous period, and continuing to maintain the low-to-long strategy unchanged. Gold’s intraday support at 1750 continued to be bullish, and the US market focused on the highs of 1765 and 1780.