On August 7, gold prices remain strong, with short-term dips viewed as normal corrections. The strategy is clear: pullbacks present buying opportunities, and prices have risen as expected. The bullish trend continues in the short term, and early morning dips today are still seen as favorable entry points for long positions.
Yesterday, multiple long positions were taken and closed at highs, followed by waiting for lower levels to re-enter. The overnight low found support at 4223, and today's early session saw a rebound from 4229. A buy order was placed at 4242, with a straightforward trading approach: after gold formed a low, a stabilization and rally above that low was anticipated. A 20-30 dollar short-term gain is easily achievable, without blindly chasing new highs above 4300. Following a strong rally, gold is now consolidating in a sideways range, building momentum ahead of the non-farm payrolls report. Overall, gold remains bullish, but profit-taking on short-term positions is advised before the non-farm data release. Whether tonight's non-farm report will propel gold to new heights remains to be seen.
Today's trading strategy: early morning gold stopped its decline at 4229, holding above yesterday's low of 4223. The current long position at 4242 targets 4265, with a stop-loss placed below the early morning low of 4229, continuing to look for upward movement. Then, wait for further pullback opportunities to enter more long positions.
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