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      XAUUSD: According to the Consolidation, There Are Chances for Bears and Bulls Today

      China-U.S. RelationsSituation in Taiwan Strait
      Summary:

      Risk assets are trying to escape a surge in U.S.-China tensions, with financial markets appearing to be stable after a geopolitical turmoil. In addition, gold attracted some buy-the-dips near $1,755 and halted the previous day's sharp retracement from a 4-week high. However, is the downtrend over?

      Sell XAUUSD
      End Time
      CLOSED

      1778.00

      ENTRY PRICE

      1736.00

      TGT PRICE

      1788.00

      SL PRICE

      1754.58 -3.73 -0.21%

      1000

      Points

      Loss

      1736.00

      TGT PRICE

      1788.34

      CLOSING

      1778.00

      ENTRY PRICE

      1788.00

      SL PRICE

      Fundamentals

      Markets appear to be ill-equipped to deal with the accelerating pace of rate hikes by the Federal Reserve and ongoing uncertainty over the risk of a global recession. Moreover, they must deal with the resurgence of U.S.-China tensions. 
      Beijing's tough tone in response to Pelosi's visit to Taiwan has become a game of safe-haven assets in recent sessions, with gold and U.S. Treasuries rising in tandem with the appreciation of USD and JPY. 
      If risk assets want to extend the July gains, market participants need to see risk appetite rise, because they know that U.S.-China tensions will not lead to further steps that dim the outlook for the global economy. Therefore, the increased uncertainty is likely to transfer into volatile market conditions before the jitters (measures) subside significantly. 
      Although it exists in a distorted way, further escalation of U.S.-China tensions would increase the risk of a global recession, which could give central banks a reason to pause aggressive tightening, thereby providing some relief to risky assets.
      XAUUSD: According to the Consolidation, There Are Chances for Bears and Bulls Today_1

      Technical Analysis

      According to the daily chart, the gold price rose and fell overnight, charging a long upper-shadow line, and there is a certain short-term peaking expectation, which is no longer a strong trend. Fortunately, the indicator is still biased towards bullishness, and the gold price is also running above the middle band. Therefore, there are opportunities for intraday long and short, and the change of rhythm should be considered. 
      Regarding the choice of short-term direction, the market in the New York session may continue the trend of rising and falling in the Asian and European sessions. Today, whether the $1750 level will be broken should be paid attention to. If it does not break and rebound, the price of gold will rise again, which could reach to $1780 level.
      The daily chart close with a bull candle or a star-cross will end the current downward trend. If the daily line closes with a bear candle, gold still has further room to depreciate before the release of the August non-farm payroll. Therefore, the key point today is at $1,750. In general, there is a high probability that the golden day will go out of the consolidation. For operation, selling at highs and buying at lows are recommended. 

      Trading Recommendations

      Trading direction: Short
      Entry price: 1778
      Target price: 1736
      Stop loss: 1788
      Validity: 20:00:00, 2022/08/17
      Support: 1758/1750
      Resistance: 1776/1780/1798

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      Eva Chen

      Analyst

      Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.

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      Focus on

      XAUUSD, WTI, USDCAD

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