At present, the US fiscal policy game is fierce. The Trump administration is pushing forward a comprehensive tax cut bill with a scale of trillions of dollars, but there are serious divisions within the Republican Party. Against this background, the spot gold price has broken through the key psychological barrier of $3,300, and the technical side shows a bullish "golden cross" pattern. It should be noted that if the US Congress unexpectedly passes the fiscal bill, it may trigger short-term profit-taking. In the medium and long term, supported by the rising global geopolitical risks and the shift in monetary policy, gold still has strategic allocation value. Many investment banks have raised their year-end target prices to above $3,500.
From a technical perspective, gold has been strong recently. Spot gold closed at $3,289.54 per ounce on Tuesday, and further broke through $3,300 in the Asian market on Wednesday, reaching a high of $3,304.06, a new high in more than a week. In the short term, gold prices need to break through the key resistance level of $3,370 to open up further upside space; $3,150 has formed a solid support below. If there are new variables in the geopolitical situation or economic data, gold prices may even challenge the $3,400 mark. Based on the current trend, the trading idea on Wednesday is clear: wait for the price to fall back and continue to intervene in long orders around 3,300, and maintain a bullish strategy.
Operation strategy:
Gold is recommended to go long in the 3300-3305 area, with a stop loss at 3292, and a target of 3315-3330. Hold if it breaks through.
From a technical perspective, gold has been strong recently. Spot gold closed at $3,289.54 per ounce on Tuesday, and further broke through $3,300 in the Asian market on Wednesday, reaching a high of $3,304.06, a new high in more than a week. In the short term, gold prices need to break through the key resistance level of $3,370 to open up further upside space; $3,150 has formed a solid support below. If there are new variables in the geopolitical situation or economic data, gold prices may even challenge the $3,400 mark. Based on the current trend, the trading idea on Wednesday is clear: wait for the price to fall back and continue to intervene in long orders around 3,300, and maintain a bullish strategy.
Operation strategy:
Gold is recommended to go long in the 3300-3305 area, with a stop loss at 3292, and a target of 3315-3330. Hold if it breaks through.
Trade active
Gold operation strategy:1. Go long when gold falls back to 3290-3295, and add to long position when it falls back to 3275-80, stop loss at 3269, target at 3316-3320, and look at 3340-45 if it breaks;
2. If gold rebounds to 3340-45 but does not break, you can go short with a light position, stop loss at 3353, and target at 3300-3306;
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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.