This week, the market focus is on the Fed's interest rate decision and the tension in Yemen in the Middle East.
Gold prices rose to a new record high as the uncertainty of tariffs and bets on the Fed's loosening of monetary policy keep gold prices attractive. Central bank gold purchases and trade uncertainty are the main driving forces behind the rise in gold prices; investment institutions are accelerating the transfer of large quantities of physical gold bars to New York vaults to avoid possible tariffs and take advantage of the price difference between London and New York gold prices for arbitrage.
After the sharp rise, gold entered a shock consolidation, which is also a common trend in this round of upward trend. Although the decline at the end of last Friday was not very strong, the upward trend cannot be easily reversed by a single decline, and greater strength and time are needed.
Although the technical side still maintains the structural operation of the upward trend, we need to consider the historical high price of gold, and it is not easy to chase the rise at a high level. The trading idea at the beginning of the week is to wait for a pullback to buy at a low level, and then sell short-term near the previous historical high or another historical high!
Key points:
First support: 2980, second support: 2972, third support: 2963
First resistance: 3005, second resistance: 3013, third resistance: 3026
Operation ideas:
Buy: 2980-2983, SL: 2972, TP: 3000-3010;
Sell: 3005-3008, SL: 3016, TP: 2990-2980;
Gold prices rose to a new record high as the uncertainty of tariffs and bets on the Fed's loosening of monetary policy keep gold prices attractive. Central bank gold purchases and trade uncertainty are the main driving forces behind the rise in gold prices; investment institutions are accelerating the transfer of large quantities of physical gold bars to New York vaults to avoid possible tariffs and take advantage of the price difference between London and New York gold prices for arbitrage.
After the sharp rise, gold entered a shock consolidation, which is also a common trend in this round of upward trend. Although the decline at the end of last Friday was not very strong, the upward trend cannot be easily reversed by a single decline, and greater strength and time are needed.
Although the technical side still maintains the structural operation of the upward trend, we need to consider the historical high price of gold, and it is not easy to chase the rise at a high level. The trading idea at the beginning of the week is to wait for a pullback to buy at a low level, and then sell short-term near the previous historical high or another historical high!
Key points:
First support: 2980, second support: 2972, third support: 2963
First resistance: 3005, second resistance: 3013, third resistance: 3026
Operation ideas:
Buy: 2980-2983, SL: 2972, TP: 3000-3010;
Sell: 3005-3008, SL: 3016, TP: 2990-2980;
Trade active
Now 2990, upper resistance 2994/3004. You can take profit at any timeNote
Selling is only a short-term strategy. Wait for NY market to stabilize before buying 
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🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
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.