Bullish momentum is strong, keep an eye on key positions
📌 Driving events
On Monday (April 14), spot gold fell slightly during the day, hitting a record high of $3,245.42/ounce earlier before falling back. Despite a small adjustment during the day, the price of gold remained above the key mark of $3,200/ounce, indicating that the overall market sentiment is still cautiously optimistic. The main factors driving this round of market conditions include uncertainty in the global trade environment, a weaker dollar, and continued warming of safe-haven demand. During the session, investors' reactions to the latest tariff remarks increased gold price volatility, but fundamental and technical support remained solid, and the strong pattern of gold did not show any significant shakes.
📊 Commentary and analysis
From a technical perspective, the trend of spot gold continued its recent strong pattern. On the daily level, gold prices have continued to run along the rising channel since breaking through $3,000/ounce. Although there was a small correction during the day, the overall bullish trend was not damaged. The current price is firmly above $3,200/ounce, which has become a key psychological and support level in the short term. If the gold price can continue to hold this area, bulls may further challenge $3,250/ounce or even higher.
On the hourly chart, after the gold price surged to $3,245.42/ounce in the morning, it was suppressed by short-term profit-taking and showed signs of decline.
However, from a longer-term perspective, the upward slope of gold prices since the end of last year has remained stable, and there has been no significant retracement after breaking through key resistance levels many times, reflecting the resilience of the bulls. Analysts pointed out that the support of $3,200/ounce is strong. If the subsequent price can hold this level, the bulls may exert their strength again in the next few days.
💰Strategy package
Upper pressure - 3260-3280
Lower support - 3210-3200
Start time 3220-30 Continue to go long
Take profit 3240
Stop loss 3210
⭐️Note: Labaron hopes that traders can properly manage their capital
- Choose the number of lots that matches your capital
- Take profit equals 4-7% of the capital account
- Stop loss equals 1-3% of the capital account
