Market dynamics
In the early Asian session on Thursday, spot gold continued its strong rise, hitting a record high of $3,165.35 per ounce. This wave of gains was mainly stimulated by the remarks of US President Trump that he would impose a 10% benchmark tariff on all imported goods, and the market's risk aversion sentiment has risen sharply. However, after setting a new high, the price of gold began to pull back and fell below the 3,100 integer mark, indicating that some bulls began to take profits.
Technical analysis
From the daily chart, the price of gold closed in a cross star pattern yesterday, suggesting that the upward momentum has weakened. Although it hit a new high in the morning today, the subsequent pullback indicates that the market may have a staged top. The 4-hour chart shows that although the moving average system is still in a bullish arrangement, the MACD indicator shows a top divergence signal, and the indicator failed to break through the previous high when the gold price hit a new high, which indicates that the risk of short-term pullback is increasing.
Key price
Upper resistance: 3110-3100 area (previous high conversion pressure)
Lower support: 3060-3055 (short-term bullish defense line)
Operation suggestions
Short-term recommendations are mainly rebound short selling:
Entry point: around 3110
Stop loss setting: above 3120
Target price: 3080-3070 range
Risk warning
It is necessary to pay close attention to the support of MA5 and MA10 moving averages
If the gold price stands above 3100, it may resume its upward trend
The subsequent development of trade policies may continue to affect market sentiment
The current gold market is in the adjustment stage after the historical high. Investors should remain cautious, strictly set stop losses, and guard against sudden volatility risks. Before the trend becomes clear, it is recommended to control positions and respond flexibly to market changes.
In the early Asian session on Thursday, spot gold continued its strong rise, hitting a record high of $3,165.35 per ounce. This wave of gains was mainly stimulated by the remarks of US President Trump that he would impose a 10% benchmark tariff on all imported goods, and the market's risk aversion sentiment has risen sharply. However, after setting a new high, the price of gold began to pull back and fell below the 3,100 integer mark, indicating that some bulls began to take profits.
Technical analysis
From the daily chart, the price of gold closed in a cross star pattern yesterday, suggesting that the upward momentum has weakened. Although it hit a new high in the morning today, the subsequent pullback indicates that the market may have a staged top. The 4-hour chart shows that although the moving average system is still in a bullish arrangement, the MACD indicator shows a top divergence signal, and the indicator failed to break through the previous high when the gold price hit a new high, which indicates that the risk of short-term pullback is increasing.
Key price
Upper resistance: 3110-3100 area (previous high conversion pressure)
Lower support: 3060-3055 (short-term bullish defense line)
Operation suggestions
Short-term recommendations are mainly rebound short selling:
Entry point: around 3110
Stop loss setting: above 3120
Target price: 3080-3070 range
Risk warning
It is necessary to pay close attention to the support of MA5 and MA10 moving averages
If the gold price stands above 3100, it may resume its upward trend
The subsequent development of trade policies may continue to affect market sentiment
The current gold market is in the adjustment stage after the historical high. Investors should remain cautious, strictly set stop losses, and guard against sudden volatility risks. Before the trend becomes clear, it is recommended to control positions and respond flexibly to market changes.
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.
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.