Gold is prone to false breakouts, and it is likely to break through the 2685 mark directly without news. Therefore, the trading strategy can consider following the trend after breaking through the key support. Once 2665 is broken, the reversal head will appear.
The dispute between North Korea and South Korea has limited benefits for gold prices , and it is more fragile to follow the sentiment. The momentum is still driven by interest rates, and although the current US bond interest rate has cooled down, it still maintains bullish momentum. The only problem is the surge in the US unemployment rate after the storm. Therefore, if the number of unemployment benefits drives the gold price to break through 2685 tonight, it will change to following the trend.
Trading strategy: (Trend following) Asian/European session break through 2673 or 2665 and go short
Resistance reference: 2685; 2680
Support reference: 2673 (breakthrough); 2668; 2665 (breakthrough); 2658
XAUUSD 15-minute chart
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