8.19 FPG gold trend analysis

Gold once again reached a new record high and closed at a high level. The weekly level was the biggest K-line physical rise since March Gold was 2,300. SPDR Gold Trust, the world's largest gold ETF, increased its holdings by 2.02 tons and 7.19 tons on the 15th and 16th, respectively, the biggest increase in single-day holdings since June 20. According to CME data, the market's possibility that the Fed will cut interest rates by 50 basis points in September has fallen below 25%, and the US dollar index also fell below 103 on Friday, falling straight back to around 102.4. The dollar's decline led to a rise in dollar-denominated gold. On the geopolitical side, the cease-fire agreement in the Middle East has been blocked, and Belarus claims that the military has been deployed across the entire border with Ukraine. Risk aversion heats up at any time.

On the technical side, gold directly overthrew the previous peak around 2480 on Friday. Currently, 2480 may change to a top-bottom transition level, which is also an important support level for gold in the near future. The gold market changes extremely fast, and ideas need to be adjusted in a timely manner. Since there is no historical reference above, every 10 US dollar integers are used as resistance. Enter the market carefully, follow the trend, and stop losses strictly.

The upper line resistance is 2510, the second line resistance is 2515, and the third line resistance is 2520.

The lower line supports 2500, the second line supports 2490, and the third line supports 2480.

This advice is general and does not take into account your specific financial situation and needs. Investments involve risk, so be sure to evaluate them carefully.