This week, the gold market showed a trend of rising and falling. Under the influence of the Federal Reserve's interest rate decision, spot gold hit a record high of $3,357 per ounce and then fell back, eventually closing at $3,327, still recording a 2% increase on a weekly basis. The market was closed on Friday due to Good Friday, and trading was relatively light.
Fundamental analysis:
The Fed keeps interest rates unchanged, Powell's stance is dovish, weakening the trend of the US dollar
The situation in the Middle East remains tense, and safe-haven demand supports gold prices
Global central banks continue to buy gold, and physical demand remains strong
The US economic data is mixed, and the market's expectations for rate cuts are repeated
Technical analysis:
Daily level:
The rising channel remains intact, and the moving average system is in a bullish arrangement
RSI has fallen from the overbought area and is currently in the neutral to strong area of 63
3357 forms a short-term top, and 3280 forms the first support level
4-hour level:
MACD shows a top divergence signal, and there is a need for short-term adjustment
The 3300 integer mark has become a watershed between long and short positions
The Bollinger Bands have begun to close, indicating that a direction will be chosen soon
Key price levels:
Resistance levels: 3357 (historical high), 333 7 (yesterday's high)
Support level: 3300 (psychological barrier), 3280 (Thursday's low), 3250 (trend line support)
Next week's outlook:
If it stands above 3300, it is expected to test the resistance of 3357 again
If it falls below the support of 3280, it may drop to the 3250 area
3400 US dollars is the next key psychological barrier
Operation suggestions:
The aggressive ones try to go short with a light position at 3337-3342, stop loss above 3350, and target 3315-3300
The conservative ones arrange long orders at 3280-3285, stop loss below 3273, and target 3315-3340
Break through 3357 and follow the trend to go long, target 3380-3400
Risk warning:
Pay attention to the development of the situation in the Middle East
Pay attention to the speeches of Federal Reserve officials
Pay attention to important US economic data
Fundamental analysis:
The Fed keeps interest rates unchanged, Powell's stance is dovish, weakening the trend of the US dollar
The situation in the Middle East remains tense, and safe-haven demand supports gold prices
Global central banks continue to buy gold, and physical demand remains strong
The US economic data is mixed, and the market's expectations for rate cuts are repeated
Technical analysis:
Daily level:
The rising channel remains intact, and the moving average system is in a bullish arrangement
RSI has fallen from the overbought area and is currently in the neutral to strong area of 63
3357 forms a short-term top, and 3280 forms the first support level
4-hour level:
MACD shows a top divergence signal, and there is a need for short-term adjustment
The 3300 integer mark has become a watershed between long and short positions
The Bollinger Bands have begun to close, indicating that a direction will be chosen soon
Key price levels:
Resistance levels: 3357 (historical high), 333 7 (yesterday's high)
Support level: 3300 (psychological barrier), 3280 (Thursday's low), 3250 (trend line support)
Next week's outlook:
If it stands above 3300, it is expected to test the resistance of 3357 again
If it falls below the support of 3280, it may drop to the 3250 area
3400 US dollars is the next key psychological barrier
Operation suggestions:
The aggressive ones try to go short with a light position at 3337-3342, stop loss above 3350, and target 3315-3300
The conservative ones arrange long orders at 3280-3285, stop loss below 3273, and target 3315-3340
Break through 3357 and follow the trend to go long, target 3380-3400
Risk warning:
Pay attention to the development of the situation in the Middle East
Pay attention to the speeches of Federal Reserve officials
Pay attention to important US economic data
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.
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.