Dear friends, Ben here!
Gold has broken out of its bullish channel, sparking an impressive surge and currently trading above a key intermediate range. Notably, there has been no pullback following the strong rally. Instead, the market is consolidating—a sign of a solid support zone.
What’s driving gold’s bullish momentum?
-Economic Policy Support: Trade tensions under the Trump administration and expectations of a Fed rate cut continue to fuel gold’s rally.
-Caution Ahead of the Fed’s Speech: Investors are closely watching the Federal Reserve’s statements, as any signals on monetary policy could trigger market fluctuations.
-Economic & Geopolitical Risks: Fears of a global slowdown, trade conflicts, and escalating geopolitical tensions are strengthening demand for gold as a safe-haven asset.
Technical Outlook:
-If gold holds above 2993, we could see further strong upward momentum.
-However, a temporary correction may occur, with the liquidity zone between 2981 – 2977 acting as a key support level before a potential rebound.
Trading Strategy:
Watch price action around 2993—if buyers maintain control, be prepared for another strong rally! However, if the price retraces, the 2981 – 2977 area could present an attractive entry point for long positions.
Best regards, Bentradegold!
Gold has broken out of its bullish channel, sparking an impressive surge and currently trading above a key intermediate range. Notably, there has been no pullback following the strong rally. Instead, the market is consolidating—a sign of a solid support zone.
What’s driving gold’s bullish momentum?
-Economic Policy Support: Trade tensions under the Trump administration and expectations of a Fed rate cut continue to fuel gold’s rally.
-Caution Ahead of the Fed’s Speech: Investors are closely watching the Federal Reserve’s statements, as any signals on monetary policy could trigger market fluctuations.
-Economic & Geopolitical Risks: Fears of a global slowdown, trade conflicts, and escalating geopolitical tensions are strengthening demand for gold as a safe-haven asset.
Technical Outlook:
-If gold holds above 2993, we could see further strong upward momentum.
-However, a temporary correction may occur, with the liquidity zone between 2981 – 2977 acting as a key support level before a potential rebound.
Trading Strategy:
Watch price action around 2993—if buyers maintain control, be prepared for another strong rally! However, if the price retraces, the 2981 – 2977 area could present an attractive entry point for long positions.
Best regards, Bentradegold!
Trade closed: target reached
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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.
Related publications
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.