During the Asian session, spot gold broke through the $3,400/ounce mark, reaching a high of around $3,444, setting a recent record high.
✅Fundamental Analysis
🔹Tensions in the Middle East have escalated sharply. Iran launched drone attacks on Israel, while conflicts continue along the Syria–Lebanon border. U.S. military bases have entered the highest state of alert.
🔹The market is closely watching the security of the Strait of Hormuz — a key route that handles about 20% of global oil transport. Any escalation or disruption could lead to surging oil prices and safe-haven demand, triggering a synchronized rally in crude oil and gold. In response, some sovereign wealth funds and central banks have urgently increased their holdings of physical gold.
✅Technical Analysis
🔸Gold has successfully broken through the critical $3,400 psychological level, confirming the continued strength of bullish momentum. The price structure remains within a strong upward trend channel dominated by the bulls.
🔸The moving average system shows a bullish alignment;
🔸Bollinger Bands are expanding upward, with price candles holding firm near the upper band;
🔸The MACD lines remain in a bullish crossover with increasing momentum bars;
🔸The KDJ indicator is in overbought territory — suggesting potential short-term pullbacks due to overheating risks.
🔴Key Resistance Levels (Short-Term)
🔰Initial resistance: 3,445 (dense previous high zone);
🔰If this level is broken, it could open further upside potential, targeting the 3,450–3,485 range.
🔰In the event of further geopolitical escalation and global market panic, gold may surge toward the 3,600 psychological level.
🟢Key Support Levels (Short-Term)
🔰Critical intraday support lies in the $3,410–$3,400 zone. A successful pullback and hold above this range would present a strong buy-the-dip opportunity;
🔰Deeper support lies in the $3,371–$3,360 area. A break below this range may trigger a short-term technical correction, with potential downside toward $3,330.
✅Intraday Trading Strategy
🔰If the European session pulls back to the $3,410–$3,400 support zone and holds, consider entering long positions; Initial upside target: $3,440;
🔰If gold holds above $3,420 ahead of the U.S. session, bullish momentum is expected to continue.
⛔Risk Management
If there are signs of easing geopolitical tensions or short-term profit-taking, gold may see a rapid retracement. Pay close attention to the $3,371 and $3,360 support levels for potential defense zones.
✅Fundamental Analysis
🔹Tensions in the Middle East have escalated sharply. Iran launched drone attacks on Israel, while conflicts continue along the Syria–Lebanon border. U.S. military bases have entered the highest state of alert.
🔹The market is closely watching the security of the Strait of Hormuz — a key route that handles about 20% of global oil transport. Any escalation or disruption could lead to surging oil prices and safe-haven demand, triggering a synchronized rally in crude oil and gold. In response, some sovereign wealth funds and central banks have urgently increased their holdings of physical gold.
✅Technical Analysis
🔸Gold has successfully broken through the critical $3,400 psychological level, confirming the continued strength of bullish momentum. The price structure remains within a strong upward trend channel dominated by the bulls.
🔸The moving average system shows a bullish alignment;
🔸Bollinger Bands are expanding upward, with price candles holding firm near the upper band;
🔸The MACD lines remain in a bullish crossover with increasing momentum bars;
🔸The KDJ indicator is in overbought territory — suggesting potential short-term pullbacks due to overheating risks.
🔴Key Resistance Levels (Short-Term)
🔰Initial resistance: 3,445 (dense previous high zone);
🔰If this level is broken, it could open further upside potential, targeting the 3,450–3,485 range.
🔰In the event of further geopolitical escalation and global market panic, gold may surge toward the 3,600 psychological level.
🟢Key Support Levels (Short-Term)
🔰Critical intraday support lies in the $3,410–$3,400 zone. A successful pullback and hold above this range would present a strong buy-the-dip opportunity;
🔰Deeper support lies in the $3,371–$3,360 area. A break below this range may trigger a short-term technical correction, with potential downside toward $3,330.
✅Intraday Trading Strategy
🔰If the European session pulls back to the $3,410–$3,400 support zone and holds, consider entering long positions; Initial upside target: $3,440;
🔰If gold holds above $3,420 ahead of the U.S. session, bullish momentum is expected to continue.
⛔Risk Management
If there are signs of easing geopolitical tensions or short-term profit-taking, gold may see a rapid retracement. Pay close attention to the $3,371 and $3,360 support levels for potential defense zones.
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.