XAUUSD(Gold)- Short Below 2520$

23. Aug.
Today, Fed Chairman Powell delivered an important speech, which led to a rise in risk aversion and pushed gold prices up in the short term. However, gold prices still failed to effectively break through the 2520 pressure platform, and the momentum of the short-term rebound failed to continue. At present, the gold price is still running below 2520. We maintain a bearish view and will only adjust our thinking when the gold price breaks through 2520 substantially. Next, we will continue to arrange short orders based on the 2520 line, and the short-term target is around 2485.

Considering that there is still a large resistance above 2517, it is not recommended to chase the rise for the time being. Before the upper resistance is effectively broken, the gold price may fall back at any time. The bullish trend has come to an end for the time being, and the rebound in the US market in the evening is still dominated by short selling.