Boosted by tariff uncertainty and cooling inflation reports, gold continues to stretch, with its highest so far reaching around 2951. With the release of unemployment benefits and PPI data this afternoon, it can be found that the support of gold MA5 and MA10 moving averages has risen to around 2920. And 2920 happens to be near the high point of gold consolidation before CPI, so 2920 can be said to be a very stable retracement position. Brothers, please do not chase gold because of its temporary rise. Based on the characteristics of the Asian and European market trends, it is not difficult to find that gold has a tendency to consolidate back and forth within a certain range again. Looking back at the market rebound from 2880 to 2948, the trend is very similar to the previous trend in early March. That is, after experiencing a strong short-term positive rise, it will enter a state of shock and last for several hours. Then it will start a short-term positive rise again, and then fall into a box shock cycle. Therefore, in the following short-term transactions, gold needs to focus on the pressure formed by the 2955 line tonight. If the gold price is under pressure here, there is a high probability that it will fall back repeatedly, with the target area being 2930-20.
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Bros, to be honest, today's continuous rise in gold is indeed beyond my expectation. There is a key point that needs attention today, and that is the 2980 line. If it cannot break this high point today, then gold will once again fall into high consolidation and fall. Below is the top-to-bottom transition position of 2930, so below we need to pay attention to the gains and losses of the 2930 line.
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Free trading signals are released every day, with a monthly return rate of nearly 400%. If you also want to copy trading signals, you can join the Telegram group: t.me/Allenview
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.