Due to the dual push of trade war panic and expectations of a rate cut by the Federal Reserve, gold has experienced a surge. While constantly setting new historical highs, it has reached the 3000$ integer mark in one fell swoop.
Trump's tariffs have become a key driver of gold's safe-haven buying. A global trade war is escalating as Trump threatens to impose 200% tariffs on alcohol imports from Europe on Thursday, roiling financial markets and raising fears of an economic recession.
But in the short term, there is absolutely no reason to chase gold prices. Today's brief break of 3,000 dollars is obviously just a long position in the market to pull up shipments.
The most important thing in basic investment is thinking. Think about it, gold has risen to the 3,000 mark. If you were to hold a long position from the bottom, how would you choose? If it were me, I would definitely take profits at the 3,000 mark without hesitation. Plus today is Friday, there is definitely no need to continue to hold and take unknown risks on the weekend.
What will happen when the longs are exhausted?
The primary support below is near the previous high of 2956, which is 3000 points away, which is the space of 50$.
Therefore, I think it is possible to try to short gold near 3000 points, and set the stop loss at 3010. This way the cost is small, but once it really starts to pull back, the profit will be considerable.
Trump's tariffs have become a key driver of gold's safe-haven buying. A global trade war is escalating as Trump threatens to impose 200% tariffs on alcohol imports from Europe on Thursday, roiling financial markets and raising fears of an economic recession.
But in the short term, there is absolutely no reason to chase gold prices. Today's brief break of 3,000 dollars is obviously just a long position in the market to pull up shipments.
The most important thing in basic investment is thinking. Think about it, gold has risen to the 3,000 mark. If you were to hold a long position from the bottom, how would you choose? If it were me, I would definitely take profits at the 3,000 mark without hesitation. Plus today is Friday, there is definitely no need to continue to hold and take unknown risks on the weekend.
What will happen when the longs are exhausted?
The primary support below is near the previous high of 2956, which is 3000 points away, which is the space of 50$.
Therefore, I think it is possible to try to short gold near 3000 points, and set the stop loss at 3010. This way the cost is small, but once it really starts to pull back, the profit will be considerable.
Trade active
Gold fell as expected and has now fallen to around 2980. Our Sell position around 3000 has made a lot of profit.
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
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.