News Interpretation: US President Trump announced on Sunday that he plans to impose a 100% tariff on films produced overseas, marking the first time that his restrictive trade policy on US imports has been extended to the entertainment industry. This has once again ignited investors' concerns about the potential consequences of a global trade war. On Monday, local time, Trump signed an order on biomedical research, hoping to take the opportunity to promote the US pharmaceutical manufacturing industry. Trump also announced that tariff measures on pharmaceutical products will be announced in the next two weeks. Gold is often seen as a safe haven tool in uncertainty and performs well in a low interest rate environment. Gold prices have soared 26.3% so far this year and have set new historical highs many times.
Gold trend analysis: Gold rose strongly yesterday, and the Asian session pulled up slightly and then fluctuated slowly upward. The European session gold price broke through the support and suppression conversion position we analyzed, and broke through the two key defense positions of 3300 and 3330 in succession. Today, the gold price opened with a single positive rise to around 3385 and was blocked. It is currently falling back at a high level. As of the time of posting, the price is around 3366. Our original idea was to focus on the support near 3162, the 618 position, of the last upward correction of gold prices before 3500. However, the rally on Monday broke through our defense level and our bearish view failed. Now that gold prices have returned to an upward trend, the structure needs to be re-analyzed.
In general, the gold price has risen in the past two days, and our spot market has maintained a steady rhythm. 3386 is a short-term suppression level. If it breaks below 3350 in the Asian session, the steady idea is to wait for a rebound and then short to see the downward trend. Focus on the support of 3272 below.
Gold trend analysis: Gold rose strongly yesterday, and the Asian session pulled up slightly and then fluctuated slowly upward. The European session gold price broke through the support and suppression conversion position we analyzed, and broke through the two key defense positions of 3300 and 3330 in succession. Today, the gold price opened with a single positive rise to around 3385 and was blocked. It is currently falling back at a high level. As of the time of posting, the price is around 3366. Our original idea was to focus on the support near 3162, the 618 position, of the last upward correction of gold prices before 3500. However, the rally on Monday broke through our defense level and our bearish view failed. Now that gold prices have returned to an upward trend, the structure needs to be re-analyzed.
In general, the gold price has risen in the past two days, and our spot market has maintained a steady rhythm. 3386 is a short-term suppression level. If it breaks below 3350 in the Asian session, the steady idea is to wait for a rebound and then short to see the downward trend. Focus on the support of 3272 below.
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t.me/+WYSalPEhDtljZDNk
100% accurate trading signals
Free trading strategies
100% accurate trading signals
Free trading strategies
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.