Mainly due to the tense global geopolitical situation and the weak performance of the US dollar, the attractiveness of gold as a safe-haven asset has been strengthened, and the gold price has risen driven by safe-haven buying. According to CNN reports, the United States and Iran are negotiating on the uranium enrichment plan, and Israel may be ready to attack Iran's uranium enrichment plant, which has rapidly heated up the market's risk aversion sentiment; the US sovereign rating has been downgraded to AA1, and the dollar hegemony may loosen. At the same time, Trump's tax reform bill may lead to a significant increase in the fiscal deficit in the near future. Concerns about the US fiscal situation also provide support for gold prices. On the daily chart, gold rebounded continuously, setting a new high for the week, but the gold price rose and fell during the day, and it is necessary to pay attention to the risk of short-term correction. For the support below gold, pay attention to the low point of $3285, which is the middle track position of the daily Bollinger band and the main pressure position after the gold rose on Tuesday. The second is the gold rise and breakthrough position of $3250 on Tuesday; for the pressure above gold, pay attention to the high point of gold on Wednesday at $3325, which is the upper track position of the monthly Bollinger band, and the second is the high point of gold on the day at $3345. The increase this week should not be so large, there should be short pressure. But the bullish sentiment is particularly optimistic at present. The 4-hour and 1-hour Bollinger Bands are both running upward, and the moving average is in a bullish arrangement; the daily line has risen strongly for 4 consecutive days. It should be noted that there will be a lot of short pressure near 3350, and if you want to continue to move forward, you must stabilize the 3350 mark.
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.