Safe-haven sentiment leads to gold price rise again
💡Message Strategy
Gold prices continued to climb, breaking through the $3,300 mark in the Asian session, continuing the upward trend of the past three weeks. The recent deterioration of the US fiscal situation has caused market concerns, and Moody's downgrade of the US sovereign credit rating last week became the fuse.
At the same time, the market's bets on further interest rate cuts by the Federal Reserve in 2025 have increased, causing the US dollar index to fall to a two-week low, providing continued buying momentum for gold.
📊Technical aspects
From the daily chart, the gold price has closed positive for three consecutive days and broke through the key resistance zone of $3250-3260, which was previously the 200-day moving average, and the technical side has formed an effective breakthrough.
The current price is stable above $3300, and the short-term bullish momentum is sufficient. If the current trend continues, it will be expected to challenge the $3365-3370 area, and further break through or point to the $3400 integer mark.
On the downside, the initial support level of gold price is at $3250. If it fails, it will test the previous breakthrough of $3250-3255. The second is the $3230-3235 area.
💰 Strategy Package
Long Position: 3250-3255
Short Position：3315-3320
