Yesterday we followed up at $2127 and $2134. With the strong intraday breakthrough, the current price has reached above $2150. Only continuous expansion of profits is the best feedback for our partners who follow us.
On the previous day (March 5), the price of gold rose and touched US$2,141. Although it did not form a breakthrough to the previous high, the price remained stable at a high level and did not show a strong correction during the period. Since it can maintain stability, it is easy to A fundamental push will allow the bulls to restart, and they made a strong breakthrough last night.
Yesterday, Federal Reserve Chairman Powell stated in his testimony that the committee does not expect to lower the interest rate target range until economic indicators are stable and inflation is sustainable towards the 2% target, which means that it is in no rush to cut interest rates. However, he also stated that at some point this year At this time, it may be appropriate to start cutting interest rates.
Many people think that Powell's speech is directionless and cautious. However, in the current market environment, if the content of the speech is to make a positive or deviating statement, it will inevitably trigger big fluctuations. Therefore, caution in speech is the key. Understandable and of course expected.
As of yesterday, the price of gold has been rising for six consecutive days. Especially yesterday, it broke through the previous high and set a new historical high. It is not ruled out that it may continue to break upward and close again today. After all, the strong pattern is still there and the upward trend is still strong.
Again, don’t be afraid to buy because of the high price. The high point you cannot see when it is strong is the high point. Therefore, we continue to be bullish on gold today. After the early high of US$2,144 was broken through, the resistance became support. This level happened to be the low of today's Asian trading session. It seems that the support is effective at present. We will use this as a defensive step to bullish during the day. It is expected to continue to rise to 2175-2178. .