From the perspective of the daily chart trend of gold, after two consecutive days of strong rebounds, the price has pulled back, indicating significant selling pressure at higher levels and a need for a technical adjustment in the short term. Currently, the price has dropped back to around $3,400, which is the support area of the previously broken gap. If this level is breached, it may further test the $3,350 level. In terms of technical indicators, the RSI has retreated from the overbought zone, and the MACD red bars are shortening with signs of a potential death cross, suggesting a weakening of momentum. Additionally, the 5-day moving average has started to turn downward. If gold fails to regain the $3,440 level, it will confirm the formation of a short-term top.
Overall, gold is currently in a high-level consolidation phase. Without the impetus of new safe-haven factors, the adjustment is likely to continue. Despite the intensification of geopolitical risks, the current financial market is more inclined to focus on changes in global trade sentiment, which has diminished the appeal of traditional safe-haven assets such as gold. The long-term support for gold remains intact, but in the short term, it may be affected by the strength of the US dollar and the restoration of risk appetite.
For today's short-term trading of gold, the recommended strategy is to go long on pullbacks and go short on rebounds. In the short term, key resistance levels to watch are in the range of $3,405 - $3,430, and key support levels are in the range of $3,360 - $3,350.
Investment itself is not risky; it is only when investment is out of control that risks occur. When trading, always remember not to act on impulse. I will share trading signals every day. All the signals have been accurate without any mistakes for a whole month. No matter what gains or losses you've had in the past, with my help, you have the hope of achieving a breakthrough in your investment.
Overall, gold is currently in a high-level consolidation phase. Without the impetus of new safe-haven factors, the adjustment is likely to continue. Despite the intensification of geopolitical risks, the current financial market is more inclined to focus on changes in global trade sentiment, which has diminished the appeal of traditional safe-haven assets such as gold. The long-term support for gold remains intact, but in the short term, it may be affected by the strength of the US dollar and the restoration of risk appetite.
For today's short-term trading of gold, the recommended strategy is to go long on pullbacks and go short on rebounds. In the short term, key resistance levels to watch are in the range of $3,405 - $3,430, and key support levels are in the range of $3,360 - $3,350.
Investment itself is not risky; it is only when investment is out of control that risks occur. When trading, always remember not to act on impulse. I will share trading signals every day. All the signals have been accurate without any mistakes for a whole month. No matter what gains or losses you've had in the past, with my help, you have the hope of achieving a breakthrough in your investment.
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We share at least 3 - 5 free signals every day, with a monthly return of 300% - 500%. If you want to get accurate signals every day.Click the link to enter my Telegram channel.
t.me/+yWjb0JJb8NA3YzFk
t.me/+yWjb0JJb8NA3YzFk
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.