After gold accelerated its rise in the Asian session, it fell back in the European session and temporarily entered an adjustment cycle, accumulating strength to provide power for the next round of launch. The short-term support in the US session is 3430 and 3412. In terms of operation, go long according to the strength of the decline. There is still no guess on the top, and gradually look to 3480 and 3500! Short-term volatility has increased, and the notice has been issued before the market!
Operation suggestion: Gold is long near 3410-15, and look at 3445 and 3455!
Operation suggestion: Gold is long near 3410-15, and look at 3445 and 3455!
Trade active
Remember, gold is currently the ultimate safe-haven asset. Any pullback is actually an opportunity for you to enter the market. Until the current trade war eases, gold remains the most favored asset in the market. A year ago, people thought that the price of gold would rise to $5,000 by 2030 was not outrageous; now, this prediction has become "conservative."Fundamentally, this is because gold's current rise is a performance as a "monetary asset" rather than a "commodity asset." This redefinition of gold's "identity" - especially catalyzed by major events in the past few weeks - has also triggered people's deep thinking about the future role of gold in the international monetary system. It may be heading towards a new positioning: the ultimate safe-haven asset.
Trade closed: target reached
You can look at the hourly chart: You can find that this rise in gold started from the low of 3285 last Friday. Then it is very simple. From the trend of 3285 to 3500, we can see that 3420-18 is exactly the 618 support position of the Fibonacci dividing line. In addition, the opening low today is also around 3420. If there is no entity falling below 3420, gold will definitely rebound. Therefore, in terms of subsequent operations, I suggest that we can rely on 3425-18 to enter the market and do long, and the target is 3450-60.
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Related publications
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.