Will gold prices continue to fall on August 1st?GOLD / US DOLLARPYTH:XAUUSDGold_Entry_Point Core Logic Analysis Negative factors dominate The Federal Reserve's hawkish stance: keeping interest rates unchanged and Powell suppressing expectations of a rate cut have weakened gold's safe-haven appeal. Strong economic data: ADP employment data exceeded expectations, and coupled with the upcoming PCE and non-farm payroll data, market expectations of an early Fed rate cut have cooled. Technical Breakdown: Gold prices fell below the key support level of $3,300, hitting a new monthly low. A large weekly bearish candlestick chart indicates bearish dominance. Key Support and Resistance Resistance: 3315 (hourly rebound resistance), 3333 (previous high and daily resistance). Support: 3280-3290 (short-term), 3250-3245 (strong monthly support). Potential Risks Unexpectedly weak non-farm payroll data or escalating geopolitical tensions could trigger a short-term rebound, but a break above 3330 is required to reverse the downward trend. Today's Trading Strategy Short-Term Trading Primarily short at highs: Short lightly on a rebound to 3310-3315, stop loss at 3325, target 3290-3280. Aggressive Short: Add to short positions if the price reaches 3330-3333, stop loss at 3340, target 3280. Cautious Long: Try a long position on the first touch of 3250-3245, stop loss at 3235, target 3270-3280 (quick in and out). Mid-term Strategy If the monthly line closes below 3250, shorting at high levels can be continued in August, targeting the 3150-3100 range. If the gold price rebounds above 3350 after the non-farm payrolls, the trend needs to be reassessed. Events to Watch Data: Non-farm payroll report on Friday (if the data exceeds expectations, gold prices may fall further). US June PCE Price Index (Federal Reserve inflation indicator). Technical Signal: A daily close below 3250 would confirm a medium-term downtrend. Observe the recapture of the 3300 level, which serves as a dividing line between bulls and bears. Summary Gold is currently in a bearish phase. Prioritize shorting on rallies, but be wary of unexpected data fluctuations. If the mid-line breaks below 3250, the market could target the 3000-3100 range. Conversely, if it holds above 3330, strategy adjustments will be necessary. Strictly stop loss and control risks.