From the daily chart, the gold price fell slightly after breaking through the previous high of $3127.76, but it is still in a strong upward channel overall. The current price has been stable above the 5-week moving average for many consecutive weeks, indicating that the medium-term trend is still healthy. It is worth noting that from the low of $2536.68 to date, gold has risen by more than 23%, and it is necessary to be vigilant about the risk of short-term adjustments. The next target will point to the psychological level of $3200. Factors supporting this view include rising global uncertainty, increased expectations of interest rate cuts by the Federal Reserve, and continued gold purchases by the central bank. In addition, the closing price needs to stabilize above $3135 to confirm the effectiveness of the long-term breakthrough. In this case, the price may accelerate upward, with a target of $3170.
Short-term resistance: 3130 3150 3170
The market is changing with the trend, and it is recommended to adjust the strategy in combination with real-time data!
Short-term resistance: 3130 3150 3170
The market is changing with the trend, and it is recommended to adjust the strategy in combination with real-time data!
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Trade closed: target reached
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Perfect prediction. If you enter the market according to my point of view, your profit points will be 40 points.
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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.