✅Recently, the price of gold has stabilized and rebounded from the key support level of $3,300, and the decline has been clearly supported in this area. The weakening of the US dollar index and the rise in risk aversion are the main driving factors for this round of rebound. It is particularly worth noting that the market has recently paid more attention to the policy differences between US President Trump and Federal Reserve Chairman Powell. There are even rumors that Trump is considering replacing Powell. This "change of leadership" expectation has exacerbated the market's uncertainty about the policy outlook, thereby increasing the attractiveness of safe-haven assets.
✅From a technical perspective, gold broke through the key resistance level of $3,345 during the European session on Thursday, which is also the 100-hour moving average and the 50% Fibonacci retracement level of the previous decline. This move opens up space for further upward movement. The subsequent upper targets are $3,356 (corresponding to the 61.8% Fibonacci retracement level and the 20-day moving average) and $3,370 (corresponding to the 76.4% Fibonacci retracement level and the 10-day moving average). If the bullish momentum continues to increase, the possibility of further testing the key integer level of $3,400 can't be ruled out.
✅However, we need to be alert to the pullback pressure brought by some long profit-taking in the short term, which may lead to a temporary slowdown in the rise. From the perspective of support, the 3335-3338 range (10-hour moving average and short-term rising trend line) is expected to constitute initial support. If the gold price can run stably above this, it will be conducive to building a healthy technical adjustment structure and accumulating strength for the subsequent upward movement.
🔴Upper resistance: 3350 / 3356 / 3370 / 3400
🟢Lower support: 3338 / 3335 / 3330
✅In summary, driven by geopolitical uncertainty and the shaking of the Fed's policy expectations, gold is expected to continue its volatile upward pattern in the short term. It is recommended to pay attention to the stabilization of gold prices above 3335. If the support is effective, long orders can be arranged on dips, with the target looking at the 3356-3370-3400 area.
✅From a technical perspective, gold broke through the key resistance level of $3,345 during the European session on Thursday, which is also the 100-hour moving average and the 50% Fibonacci retracement level of the previous decline. This move opens up space for further upward movement. The subsequent upper targets are $3,356 (corresponding to the 61.8% Fibonacci retracement level and the 20-day moving average) and $3,370 (corresponding to the 76.4% Fibonacci retracement level and the 10-day moving average). If the bullish momentum continues to increase, the possibility of further testing the key integer level of $3,400 can't be ruled out.
✅However, we need to be alert to the pullback pressure brought by some long profit-taking in the short term, which may lead to a temporary slowdown in the rise. From the perspective of support, the 3335-3338 range (10-hour moving average and short-term rising trend line) is expected to constitute initial support. If the gold price can run stably above this, it will be conducive to building a healthy technical adjustment structure and accumulating strength for the subsequent upward movement.
🔴Upper resistance: 3350 / 3356 / 3370 / 3400
🟢Lower support: 3338 / 3335 / 3330
✅In summary, driven by geopolitical uncertainty and the shaking of the Fed's policy expectations, gold is expected to continue its volatile upward pattern in the short term. It is recommended to pay attention to the stabilization of gold prices above 3335. If the support is effective, long orders can be arranged on dips, with the target looking at the 3356-3370-3400 area.
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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.
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.