Information Summary:
On Tuesday, Trump made a splash. He announced four nominees for the next Federal Reserve Chair, removing Treasury Secretary Bensont from the list. He also announced tariffs on semiconductors and pharmaceuticals next week, warned of increasing tariffs on Indian goods "within the next 24 hours," and threatened to impose a 35% tariff on the EU if it failed to fulfill its obligations.
As a result, gold rose nearly $30 from its intraday low of $3,350, briefly breaking above $3,380.
Market Analysis:
Gold has been trending upwards since the start of the week, with four consecutive daily gains, indicating a gradual buildup of bullish momentum. Judging from the 1-hour moving average indicator, the MA5 and 10 moving averages are currently turning downward, while the 20 and 30 moving averages are moving flat, which indicates that the overall short-term market trend is waiting for a price correction. Quaid believes investors should wait for the price correction to complete before entering a long position.
The key short-term trend is Tuesday's low of 3350. If gold prices hold above this level, we should maintain a positive outlook in the short term. The first resistance level above is near Tuesday’s high of 3390; the second focus is on the 3400 integer mark.
Trading strategy:
Short around 3395, stop loss at 3405, profit range 3370-3350
Long around 3350-3360, stop loss at 3340, profit range 3370-3390.
On Tuesday, Trump made a splash. He announced four nominees for the next Federal Reserve Chair, removing Treasury Secretary Bensont from the list. He also announced tariffs on semiconductors and pharmaceuticals next week, warned of increasing tariffs on Indian goods "within the next 24 hours," and threatened to impose a 35% tariff on the EU if it failed to fulfill its obligations.
As a result, gold rose nearly $30 from its intraday low of $3,350, briefly breaking above $3,380.
Market Analysis:
Gold has been trending upwards since the start of the week, with four consecutive daily gains, indicating a gradual buildup of bullish momentum. Judging from the 1-hour moving average indicator, the MA5 and 10 moving averages are currently turning downward, while the 20 and 30 moving averages are moving flat, which indicates that the overall short-term market trend is waiting for a price correction. Quaid believes investors should wait for the price correction to complete before entering a long position.
The key short-term trend is Tuesday's low of 3350. If gold prices hold above this level, we should maintain a positive outlook in the short term. The first resistance level above is near Tuesday’s high of 3390; the second focus is on the 3400 integer mark.
Trading strategy:
Short around 3395, stop loss at 3405, profit range 3370-3350
Long around 3350-3360, stop loss at 3340, profit range 3370-3390.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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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.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
Related publications
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.