Last night, gold strongly broke through 3,250 and then rapidly surged. The main reason was the impact of geopolitics: Israel is preparing to strike Iranian nuclear facilities, causing tensions between the two sides; the Russia-Ukraine conflict remains deadlocked, and the EU and the UK have announced a new round of sanctions against Russia. All these have triggered a surge in market risk aversion. Additionally, expectations for Federal Reserve rate cuts have further increased, and these fundamental factors have led to a further rise in gold prices!
For our intraday operations, the direction is already clear, so we should try to follow the broader trend during trading, focusing on buying on pullbacks. The key support level to watch intraday is the 3,265 watershed. As long as the price remains above 3,265, we maintain a bullish bias. For short-term operations, pay attention to the low of the morning retracement near 3,300. If gold pulls back again to approach 3,300-3,310, we can directly go long!
XAUUSD BUY@3300-3310
SL:3290
TP1:3340
TP2:3360
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