On the gold hourly chart, gold prices broke below the top neckline and Fibonacci retracement line at 2495 and began to rebound when it touched the previous high level and retracement line. Considering that gold has the same overshoot pressure as U.S. stocks, the trading strategy can adopt the method of retracement shorting, and the resistance is in the neckline 2495-2500 range. It can be combined with Powell's hawkish speech and short at a high level. The support below the current price is at the retracement lines at 2475 and 2460, respectively. Powell's speech will not allow gold to start a downward trend for the time being.

Gold Price Analysis: Retracement Strategy and Impact of Powell's Speech

Aug 23 2024

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