https://www.tradingview.com/x/GVEUg1FL/
On Wednesday, as the market waited to see whether Trump would reach a new trade agreement with trading partners, the US dollar index fell again and once fell to around $99.
Due to the weakening of the US dollar and the escalation of trade tensions, spot gold continued its record-breaking rise, refreshing its historical high to above $3,340, and soared by more than $100 during the day.
Today, Thursday, gold continued its bullish trend last night in the early trading, and once hit a historical high of 3,357 in the early trading.
But now we need to be extra careful, because tomorrow is Friday, Good Friday, and the market will be closed all day, which means that today, Thursday, is the last trading day of the week. Currently, long positions in gold are likely to be taken out of the market.
Once the long positions are taken out of the market, it is easy to have a large retracement, so we must be careful about this and must not be overly bullish.
Today's opening position is around 3342. In the morning, it retreated to around 3320, and then stretched up again.
However, it can be found that since it fell below the opening position of 3342, gold has not stood above 3342 again.
This is a strong signal of short-term retracement, especially when long positions are about to be profited.
Moreover, the hourly chart has a little ABC wave-shaped retracement. Once it comes down, I think it is not a problem to touch 3300-10, and it is not ruled out that it will be lower.
Currently, the ma10 moving average position below gold is also at 3300-3310.
Therefore, it is not recommended that you chase long orders today, and you should be prepared for the possibility of falling to 3300-3310 in advance.
In terms of operation, I suggest that you can enter the market and short near 3340, and the target can be 3300-3310.
On Wednesday, as the market waited to see whether Trump would reach a new trade agreement with trading partners, the US dollar index fell again and once fell to around $99.
Due to the weakening of the US dollar and the escalation of trade tensions, spot gold continued its record-breaking rise, refreshing its historical high to above $3,340, and soared by more than $100 during the day.
Today, Thursday, gold continued its bullish trend last night in the early trading, and once hit a historical high of 3,357 in the early trading.
But now we need to be extra careful, because tomorrow is Friday, Good Friday, and the market will be closed all day, which means that today, Thursday, is the last trading day of the week. Currently, long positions in gold are likely to be taken out of the market.
Once the long positions are taken out of the market, it is easy to have a large retracement, so we must be careful about this and must not be overly bullish.
Today's opening position is around 3342. In the morning, it retreated to around 3320, and then stretched up again.
However, it can be found that since it fell below the opening position of 3342, gold has not stood above 3342 again.
This is a strong signal of short-term retracement, especially when long positions are about to be profited.
Moreover, the hourly chart has a little ABC wave-shaped retracement. Once it comes down, I think it is not a problem to touch 3300-10, and it is not ruled out that it will be lower.
Currently, the ma10 moving average position below gold is also at 3300-3310.
Therefore, it is not recommended that you chase long orders today, and you should be prepared for the possibility of falling to 3300-3310 in advance.
In terms of operation, I suggest that you can enter the market and short near 3340, and the target can be 3300-3310.
Trade active
Gold starts to fall, which is consistent with my analysisTrade closed: target reached
Gold will soon reach my predicted position
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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.
Our goal is simple, to provide the most professional guidance for free to help everyone make a profit
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.