GOLD short-term analysis and buying planThe key guidance for gold's trend this week is undoubtedly focused on every subtle change in the tariff news.
In this market, the influence of a tariff news is so great that all previous technical-based analysis and forecasts are instantly invalid. Looking back at the recent market, we can clearly see that in just three days, the price of gold first fell sharply by $211, and then rebounded rapidly, soaring by $275 in three days. Such drastic and frequent price fluctuations are almost entirely driven by various news, which once again highlights the decisive role of news in the current gold market.
From a purely technical analysis perspective, the strong performance of the weekly surge clearly shows that the current market structure is controlled by the bulls. It is worth noting that in the past month or so, the Asian market has formed a unique opening must rise rule. In-depth details of the market, we can find that the low point of gold in the US market, 3220-3215, has become a key watershed between the strength of longs and shorts. When the price runs above this area, the market shows obvious strong characteristics; once the price falls below this area, the market is very likely to turn to a weak pattern.
Similarly, the Asian session retracement low point of 3185-3190 area also constitutes an important dividing line between long and short positions. If the price remains above this area, the bulls will dominate; if it unfortunately falls below, the market is likely to quickly switch to the short mode, and even trigger a rapid plunge. For the upper long target, there is still great uncertainty. Investors can focus on the new high breakthrough in the 3245-3250 area, followed by the 3265-3260 area and the psychologically important $3,300 mark.
As the tariff war continues to deepen, the market generally expects that in the next 1-2 weeks, the gold market will usher in more crazy fluctuations, and its rise and fall is expected to set a new record. We need to be vigilant at all times and respond cautiously to market changes.
Key points:
First support: 3210, second support: 3202, third support: 3192
First resistance: 3246, second resistance: 3263, third resistance: 3300
Operation ideas:
Short-term gold 3206-3209 long, stop loss 3198, target 3240-3250;
Short-term gold 3260-3263 short, stop loss 3272, target 3220-3210;
