Information summary:
The powder keg of the Middle East situation exploded. A new round of fierce fighting between Israel and Iran has pushed the global financial market into a risk-averse storm. In just one day, gold soared. In the early Asian session on Monday, the price of gold was unstoppable, hitting a nearly seven-week high of $3451/ounce. Under the dark clouds of geopolitical conflict, gold bulls are in full swing, and the $3500 mark seems to be within reach.
In addition, the market will face two major tests this week: the monthly rate of US retail sales and the highly anticipated Federal Reserve interest rate decision.
Technical analysis:
At the daily level, the MA10, MA7, and MA5 moving averages are diverging upward, the RSI indicator turns upward, and the gold price is running steadily in the upper and middle track area of the Bollinger band. In the four-hour cycle, the moving average forms a golden cross arrangement and the opening continues to expand. The price continues to rise along the MA10 daily moving average, and the Bollinger band also maintains an upward opening shape.
The current market is dominated by geopolitical risks in the Middle East, and the gold price is consolidating at a high level. If the situation does not change, the gold price will most likely remain above $3,400 today, and it is even very likely to refresh the historical high of $3,500 today and tomorrow. Therefore, before the trend changes, the long strategy is still the best choice.
Operation strategy;
Buy near 3420, stop loss 3410, target 3460-3470.
The powder keg of the Middle East situation exploded. A new round of fierce fighting between Israel and Iran has pushed the global financial market into a risk-averse storm. In just one day, gold soared. In the early Asian session on Monday, the price of gold was unstoppable, hitting a nearly seven-week high of $3451/ounce. Under the dark clouds of geopolitical conflict, gold bulls are in full swing, and the $3500 mark seems to be within reach.
In addition, the market will face two major tests this week: the monthly rate of US retail sales and the highly anticipated Federal Reserve interest rate decision.
Technical analysis:
At the daily level, the MA10, MA7, and MA5 moving averages are diverging upward, the RSI indicator turns upward, and the gold price is running steadily in the upper and middle track area of the Bollinger band. In the four-hour cycle, the moving average forms a golden cross arrangement and the opening continues to expand. The price continues to rise along the MA10 daily moving average, and the Bollinger band also maintains an upward opening shape.
The current market is dominated by geopolitical risks in the Middle East, and the gold price is consolidating at a high level. If the situation does not change, the gold price will most likely remain above $3,400 today, and it is even very likely to refresh the historical high of $3,500 today and tomorrow. Therefore, before the trend changes, the long strategy is still the best choice.
Operation strategy;
Buy near 3420, stop loss 3410, target 3460-3470.
The gold market is my stage, and turning the market's fluctuations into our interests is my skill.
Welcome everyone to join my signal exchange group: t.me/+x7us3B1HGThjMzQx
Welcome everyone to join my signal exchange group: t.me/+x7us3B1HGThjMzQx
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.
The gold market is my stage, and turning the market's fluctuations into our interests is my skill.
Welcome everyone to join my signal exchange group: t.me/+x7us3B1HGThjMzQx
Welcome everyone to join my signal exchange group: t.me/+x7us3B1HGThjMzQx
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.