The gold price target on Monday continued to be 3400.
As Friday was a Jesus holiday, the international gold market was closed yesterday.
In the early hours of Thursday, Fed Chairman Powell released a signal of "maintaining interest rates unchanged" at the monetary policy meeting, triggering short-term fluctuations in the gold market.
After hitting a new high of $3357/ounce, the gold price fell back and once reached a low of $3284, but was affected by the weakening of the US dollar and the escalation of trade tensions, and finally closed at $3327.
Factors such as global economic uncertainty and geopolitical risks continue to support the safe-haven demand for gold. The Fed's position of suspending interest rate hikes further strengthens the logic of gold's rise.
Gold 4-hour level: bullish power remains strong.
In the short term, the gold price may fluctuate and consolidate in the range of 3290-3350.
$3350 will become a short-term bull resistance level, while the $3300 mark is the watershed between long and short games.
If the gold price can hold steady at $3,300, it is expected to test $3,357 again, or even hit $3,400. On the contrary, if the gold price falls below $3,300, it may fall to the support level near $3,250.
Operation suggestions are as follows:
Only consider long strategies above $3,300
Stop loss: 3,290
Target: 3,350-3,400
Reject short selling in the short term
As Friday was a Jesus holiday, the international gold market was closed yesterday.
In the early hours of Thursday, Fed Chairman Powell released a signal of "maintaining interest rates unchanged" at the monetary policy meeting, triggering short-term fluctuations in the gold market.
After hitting a new high of $3357/ounce, the gold price fell back and once reached a low of $3284, but was affected by the weakening of the US dollar and the escalation of trade tensions, and finally closed at $3327.
Factors such as global economic uncertainty and geopolitical risks continue to support the safe-haven demand for gold. The Fed's position of suspending interest rate hikes further strengthens the logic of gold's rise.
Gold 4-hour level: bullish power remains strong.
In the short term, the gold price may fluctuate and consolidate in the range of 3290-3350.
$3350 will become a short-term bull resistance level, while the $3300 mark is the watershed between long and short games.
If the gold price can hold steady at $3,300, it is expected to test $3,357 again, or even hit $3,400. On the contrary, if the gold price falls below $3,300, it may fall to the support level near $3,250.
Operation suggestions are as follows:
Only consider long strategies above $3,300
Stop loss: 3,290
Target: 3,350-3,400
Reject short selling in the short term
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Free signal: t.me/+o41UC5o15H8zNTcx
Professional trader
love life
enjoy trading
create wealth
Professional trader
love life
enjoy trading
create wealth
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.