Latest gold analysis layoutThe main reason for the strong rise on Friday was that Trump said on social media that he would impose a 50% tariff on the EU on June 1, which led to a rise in risk aversion. On the one hand, it was affected by the news, and on the other hand, the entire technical form and rising structure were here, with rising momentum in it. Therefore, the resonance of the news and technical aspects formed a breakout rise, standing on the upper rail pressure line of the channel.
So far today, although it has fluctuated downward, it has been running above it. From a technical point of view, there is no big problem with a stepping back after the break, which is a very normal trend.
As long as it does not fall below the resonance intersection position of the upper rail pressure line of the channel and the rising trend line here, it will still look upward in the short term. This position is about 3322-3324, which is also the second rising point of the European session on Friday.
However, if a large negative or continuous negative break is formed, it will remain above the support of 3280-3270 in the short term, and then accumulate momentum for an upward attack later. I prefer this situation.
Gold rebounds and continues to fall. Focus on the 3340 line. Stop loss if it breaks 3350. The target is 3324-3320. If it breaks, look for support at 3280-3270. Go long if it touches it!
