The recent continuous rise in gold prices is because the People's Bank of China resumed gold purchases after a lapse of 6 months, and the expectation of the Federal Reserve's interest rate cut next week is increasing. In addition, the collapse of the Assad dynasty in Syria has further shaken the stability of the Middle East, thereby increasing risk aversion.
From the market, after breaking through the resistance, the gold price will continue to move upward, and the upper resistance is in the range of 2680-2690. Therefore, as long as the gold price has not yet touched this range, we can consider going long during the decline period, relying on the lower support of 2660.
In addition, tomorrow is the release day of CPI data. The results of the data release are very important and will determine the future trend of gold. Before that, my view is bullish on gold, with a target of 2680-2690.
From the market, after breaking through the resistance, the gold price will continue to move upward, and the upper resistance is in the range of 2680-2690. Therefore, as long as the gold price has not yet touched this range, we can consider going long during the decline period, relying on the lower support of 2660.
In addition, tomorrow is the release day of CPI data. The results of the data release are very important and will determine the future trend of gold. Before that, my view is bullish on gold, with a target of 2680-2690.
Trade active
Just now, the gold price rose as expected after reaching around 2660, and the long orders we bought here have begun to make profits.Trade closed: target reached
The gold price is close to the target of 2680. I am ready to close the profit now and lock in the profit.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.