Yesterday, our strategy was that if the market could stabilize within the 2810-2820 range, we would participate in buy signals within that area. The result was excellent as gold surged again, and the profit potential was substantial.
Today, the uptrend continued right from the Asian session open, reaching a historical high of 2877. From a technical perspective, after gold broke and held above 2850, the next target is the 2900 psychological level. As for whether it's still viable to chase the price at current levels, I personally don't recommend it. I prefer to wait for a clearer entry signal. On one hand, I’m waiting for the upcoming ADP data, and on the other, I want to see a more definitive signal to enter the market. I only trade when I fully understand the situation. Even if volatility is high, it doesn't necessarily mean it's an opportunity. It's crucial to understand this, as the risk is often the greatest during uncertain times.
The rapid rise in gold prices is driven by multiple factors: continuous gold purchases by central banks, the global trade tensions caused by tariffs after Trump took office, and the resulting deterioration of the global trade environment. Under such heightened uncertainty, investors have increased their gold holdings as a hedge against risk, which has further pushed up gold prices.
Currently, it seems that the upward movement in gold is primarily driven by bullish sentiment, with herd behavior adding sustained buying pressure. As for how high gold can go in the future, it's hard to say. Overall, I maintain an optimistic outlook. However, caution is needed when considering the next entry point.
If I had to identify a suitable level to re-enter, I would wait for the price to fall back to the 2810-2830 zone before considering it, as this area is supported by trendlines, as well as previous highs, lows, and support points.
Today, the uptrend continued right from the Asian session open, reaching a historical high of 2877. From a technical perspective, after gold broke and held above 2850, the next target is the 2900 psychological level. As for whether it's still viable to chase the price at current levels, I personally don't recommend it. I prefer to wait for a clearer entry signal. On one hand, I’m waiting for the upcoming ADP data, and on the other, I want to see a more definitive signal to enter the market. I only trade when I fully understand the situation. Even if volatility is high, it doesn't necessarily mean it's an opportunity. It's crucial to understand this, as the risk is often the greatest during uncertain times.
The rapid rise in gold prices is driven by multiple factors: continuous gold purchases by central banks, the global trade tensions caused by tariffs after Trump took office, and the resulting deterioration of the global trade environment. Under such heightened uncertainty, investors have increased their gold holdings as a hedge against risk, which has further pushed up gold prices.
Currently, it seems that the upward movement in gold is primarily driven by bullish sentiment, with herd behavior adding sustained buying pressure. As for how high gold can go in the future, it's hard to say. Overall, I maintain an optimistic outlook. However, caution is needed when considering the next entry point.
If I had to identify a suitable level to re-enter, I would wait for the price to fall back to the 2810-2830 zone before considering it, as this area is supported by trendlines, as well as previous highs, lows, and support points.
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ADP data is bearish for gold, continue to wait for price correction
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📣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
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.