On Monday, the dollar index plunged to its lowest level since March 2022 as Trump's blast of Powell hurt investor confidence in U.S. assets.
Thanks to the weakening dollar and the inflow of safe-haven funds, spot gold opened higher and rose, breaking through the $3,430/ounce mark during the session, setting a new record high and rising by more than $100 during the day.
Today, Tuesday, gold continued to rise, and so far the highest has reached near the 3,500 mark.
From the hourly chart here: it can be seen that gold has just retreated to around 3,460, and 3,460 is also the support position of the am10 moving average.
If the 3,460 moving average cannot be broken here, then gold will continue to test 3,500, or even continue to set new highs.
On the contrary, if it falls below the ma10 moving average at 3,460, it may further touch the ma20 moving average support position near 3,440.
So, the next operation is actually very simple. If gold stabilizes at 3460-70, you should continue to go long.
If it falls below 3460, you need to wait for 3440 to go long.
There is no need to look too far for the upper target. Continue to look at the high point of 3500, or even the new high of 3520.
Thanks to the weakening dollar and the inflow of safe-haven funds, spot gold opened higher and rose, breaking through the $3,430/ounce mark during the session, setting a new record high and rising by more than $100 during the day.
Today, Tuesday, gold continued to rise, and so far the highest has reached near the 3,500 mark.
From the hourly chart here: it can be seen that gold has just retreated to around 3,460, and 3,460 is also the support position of the am10 moving average.
If the 3,460 moving average cannot be broken here, then gold will continue to test 3,500, or even continue to set new highs.
On the contrary, if it falls below the ma10 moving average at 3,460, it may further touch the ma20 moving average support position near 3,440.
So, the next operation is actually very simple. If gold stabilizes at 3460-70, you should continue to go long.
If it falls below 3460, you need to wait for 3440 to go long.
There is no need to look too far for the upper target. Continue to look at the high point of 3500, or even the new high of 3520.
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.