US President Trump announced a 10% base tariff on all imported goods and higher tariffs on some major trading partners, which caused shocks in global financial markets. Gold prices once rose to a historical high of around 3167, but technical indicators showed that gold was overbought in the short term, and bulls temporarily chose to take profits, resulting in an avalanche of gold bulls. Multiple institutional positions were obviously fleeing, and retail investors' long positions were liquidated, leading to a large correction in gold on Thursday; although gold fell, it was easy to rebound after encountering key split support, so this is an opportunity to participate.
Gold closed March with a strong Yang, recovering the retracement in February while further rising, moving away from the trend line resistance after the breakthrough. The trend of this month also maintains the bullish momentum to continue to strengthen, and is expected to stabilize above the trend line resistance after the breakthrough, suggesting that the market will enter a new bull market space in the future, and will hopefully hit the $3,500 mark target;
Gold has currently broken through the trend line pressure linked to the rising trend high point in the past 16 months, and the current trend is also moving further away. The main chart trend moving averages maintain a bullish arrangement without signs of weakening, and the attached chart indicators also maintain bullish signal development, suggesting that it is expected to open up further room for growth;
However, the bullish momentum is weakening at present, and there is a retracement to collect the inverted top form. Therefore, if it falls below the resistance of the rising trend channel this week or next week, the market is expected to wait for another retracement to the support of the rising trend channel before climbing again.
Investment strategy:
Buy gold at 3100, target 3130
Sell gold at 3138, target 3100
Gold closed March with a strong Yang, recovering the retracement in February while further rising, moving away from the trend line resistance after the breakthrough. The trend of this month also maintains the bullish momentum to continue to strengthen, and is expected to stabilize above the trend line resistance after the breakthrough, suggesting that the market will enter a new bull market space in the future, and will hopefully hit the $3,500 mark target;
Gold has currently broken through the trend line pressure linked to the rising trend high point in the past 16 months, and the current trend is also moving further away. The main chart trend moving averages maintain a bullish arrangement without signs of weakening, and the attached chart indicators also maintain bullish signal development, suggesting that it is expected to open up further room for growth;
However, the bullish momentum is weakening at present, and there is a retracement to collect the inverted top form. Therefore, if it falls below the resistance of the rising trend channel this week or next week, the market is expected to wait for another retracement to the support of the rising trend channel before climbing again.
Investment strategy:
Buy gold at 3100, target 3130
Sell gold at 3138, target 3100
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.
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.