✅Yesterday, the overall fluctuation of gold was not large, mainly due to the strong resistance near 2763 above. In the morning, the gold price stabilized near 2741, and then hit the highest point of 2763 and fell back, and finally closed with a long upper shadow positive line on the daily line.
✅From a fundamental point of view, the recent rise of gold is mainly driven by Trump's tariff risk aversion sentiment. At the same time, data on January 17 showed that ETF holdings increased by 10 tons of gold, indicating that the market's demand for risk aversion has increased. However, since Tuesday, ETFs have reduced their holdings of 11 tons of gold for two consecutive days, which shows that the main funds have gradually profited and left the market after the price rose. This dynamic reflects that the upside space of gold above 2765 may be limited.
✅From the historical trend, gold fell sharply from the high of 2790 to the 2530 area in the early stage, indicating that the pressure from above is significant. Therefore, when the gold price touches the 2765-2790 area again, the probability of a direct breakthrough is low, and it is more likely to adjust or even fall. If an adjustment occurs, the decline may reach about $100. In view of this, it is not recommended to chase more above 2765 at present.
✅Yesterday was the third trading day after the gold price broke through, which is usually a critical period for long and short changes. At present, the potential space above 2765 may be only $30, but the adjustment range below may reach more than $100. Therefore, in the historical high area, the volatility and strength have increased, and the risk of chasing up and killing down is high. Investors are advised to control their positions to prevent unnecessary losses.
✅Gold is mainly adjusted today, and the market may fall back at any time. The current short-term pressure level is still at 2760, which is also a key area of continued pressure after the early breakthrough. Therefore, intraday trading is recommended to continue to focus on light short positions below 2760.
✅Gold may experience a volatile market in the short term, testing investors' patience, so waiting and watching is also a reasonable choice. In the current market environment, it is recommended to operate cautiously and pay attention to technical signals to reduce trading risks. Avoid chasing up at high levels, remain patient, and wait for the gold price to adjust before formulating a reasonable trading plan.
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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.