This week, the spot gold price witnessed a breakthrough market trend. Influenced by the continuous gold purchases by central banks of multiple countries, the heightened global economic uncertainties, and the expectations of trade frictions, the gold price soared to as high as US$3,005 per ounce at one point, reaching a historical high. Although the short-term overbought signals and the pressure of profit-taking may trigger market volatility, the long-term bullish pattern has already been established.
The key resistance level on the daily chart is at 3025, which is the combination of the previous high and the 2.618 Fibonacci retracement level. The support level below is at 2956, which is the recent level where the top has transformed into the bottom. The hourly chart shows that during the U.S. trading session, the price correction only reached 2978 before gaining support. If the price stabilizes within the range of 2970 - 2975, there will still be short-term upward momentum.
Suggestions for gold trading operations next week:
buy@2970-2975
SL@2963
TP:2998
The key resistance level on the daily chart is at 3025, which is the combination of the previous high and the 2.618 Fibonacci retracement level. The support level below is at 2956, which is the recent level where the top has transformed into the bottom. The hourly chart shows that during the U.S. trading session, the price correction only reached 2978 before gaining support. If the price stabilizes within the range of 2970 - 2975, there will still be short-term upward momentum.
Suggestions for gold trading operations next week:
buy@2970-2975
SL@2963
TP:2998
Note
I always firmly believe that profit is the sole criterion for measuring strength. I will share accurate trading signals every day. Follow my lead and wealth will surely come rolling in. Click on my profile for your guide.
Change your life starting from entering my Telegram channel. Making profits will be as easy as breathing. Click the link to enter now!
t.me/+NO9R61oxqPs2Yjg8
t.me/+NO9R61oxqPs2Yjg8
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.
Change your life starting from entering my Telegram channel. Making profits will be as easy as breathing. Click the link to enter now!
t.me/+NO9R61oxqPs2Yjg8
t.me/+NO9R61oxqPs2Yjg8
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.