Gold is expected to continue to reach new highs of 2970-2980Dear Traders,
Although gold has slightly retreated after touching around 2948, it is still holding above the 2935-2930 region, maintaining a strong bullish trend.
Based on the current gold structure, gold has repeatedly failed to break the 2920-2925 support zone during its pullback, and has not formed a sustained downtrend. On one hand, this reflects strong buying support at lower levels; on the other hand, the pullback space is limited. Therefore, before any trend reversal, gold is likely to have another rally to test new highs. I expect that if gold manages to hold above the 2950-2955 region in this rally, it will likely attempt to reach the 2970-2980 zone.
So, for short-term trading, leading into Thursday and Friday, we should primarily focus on going long on gold, with key support around the 2940-2930 region. If gold reaches the 2970-2980 region, we can then consider shorting it.
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