Gold surges to 2,800
Gold's 1-hour K-line trend. The overall trend shows strong upward momentum, indicating that the market bulls dominate. From the price pattern, the current trend has broken through the previous high of $2,763.59 after a series of pullbacks, and is now reported at $2,794.61, showing a strong upward momentum.
The market has experienced several effective support tests in the early stage, especially at $2,657.82, $2,691.06 and $2,741.55, forming multiple rebounds, showing that the buying power of gold is gradually increasing. In addition, after the trend line was confirmed as effective support on the 28th, the gold price rebounded rapidly and continued the upward trend.
It is worth noting that there are multiple obvious wave-like price fluctuations in the figure, which is in line with the law of alternating driving waves and adjustment waves in the wave theory. At present, the gold price has broken through the previous resistance level and entered a new upward range, and the short-term target may be above $2,800.
Investors need to pay close attention to whether the support range of $2,770 to $2,780 can be maintained. If the price falls below this range, it may trigger a deeper correction. However, the current volume-price relationship shows that the market is confident enough, and the upside after the breakthrough is worth looking forward to.
Operational advice: In the context of maintaining the upward trend, buy on dips, but beware of the risk of short-term high profit-taking. The stop loss can be set below $2,770, and the target level is $2,810 or higher.
Radicals can also try to participate in the short layout under the pressure of the high 2800, breaking through 2810 as a stop loss. The short-term target callback below focuses on 2773 and 2782.
