Gold price hits a new all-time high!Market news:
In the early Asian trading on Thursday (April 3), spot gold continued to rise, once refreshing its historical high to $3,168/ounce, as US President Trump declared a national emergency on Wednesday to enhance the competitive advantage of the United States, protect US sovereignty, and strengthen US national and economic security. He will impose a 10% benchmark tariff on all goods imported into the United States and impose higher tariffs on some of the largest US trading partners. This move will lead to an intensification of the trade war launched after his return to the White House, and the market risk aversion sentiment has risen sharply. After the news of large-scale tariffs came out, the market risk aversion sentiment rose sharply in the early Asian trading on Thursday, US stock futures plummeted, and Dow futures plunged more than 1,100 points. London gold prices soared, and international gold prices soared after US President Trump announced reciprocal tariffs on global trading partners. Gold is traditionally a safe-haven asset in times of geopolitical and economic uncertainty. When people's concerns about the global economy intensify, investors regard gold as a safe haven. Such concerns have helped gold prices rise 19% so far this year after a strong rally in 2024, driven mainly by massive central bank purchases and strong demand in Asia. The dollar index fell after Trump's tariff plan was announced, making gold more expensive for buyers holding foreign currencies. Investors need to pay attention to the number of layoffs in challenger companies in the United States in March, the number of initial jobless claims in the United States for the week ending March 29, and the ISM non-manufacturing PMI data in the United States in March. In addition, investors need to pay attention to the market's further interpretation of Trump's tariff policy and the response measures of various countries, and pay attention to changes in national stock market performance and risk aversion.
Technical Review:
At the daily level, gold started the downward adjustment mode on Tuesday, breaking the previous continuous rise in one fell swoop. However, the current moving average system still maintains an upward divergent trend. The 4-hour trend of gold temporarily maintains a high range of oscillation repair. At present, the short-term moving average is basically in a state of adhesion and flattening, and tends to continue to maintain a high-level oscillation repair trend during the day. The 1-hour moving average of gold is still a golden cross with upward bullish arrangement. Although gold fell below the moving average support yesterday, the strength of gold bulls to bottom out and rebound is still relatively strong, and with the support of gold safe-haven, gold bulls are still better. As long as it does not break 3100, it will continue to be strongly bullish.
Today's analysis:
The news of gold early in the morning upgraded the risk aversion, and gold broke upward again. Then the previous resistance of gold has now become support again. The previous platform support of gold at 3135 has broken upward, so gold has now formed support at 3135. Gold fell back in the Asian session and continued to buy. Since after the shock, gold bulls have exerted their strength again under the stimulation of risk aversion, the trend continues to belong to bulls, and gold fell back in the Asian session and continued to buy.
The 1-hour moving average of gold turned upward again, and gold bulls regained control of the home court. Gold fell back in the Asian session and continued to buy on dips on the previous platform support of 3135. Now risk aversion stimulates gold to rise. Don't chase it directly at high levels for the time being, and wait patiently for the opportunity to fall back. As risk aversion is upgraded, gold buying will continue to be strong and gold is expected to rise to a higher level.
Operation ideas:
Short-term gold 3132-3135 buy, stop loss 3124, target 3160-3170;
Short-term gold 3174-3177 sell, stop loss 3185, target 3140-3130;
Key points:
First support level: 3140, second support level: 3133, third support level: 3120
First resistance level: 3166, second resistance level: 3174, third resistance level: 3187
