Spot gold has risen strongly, with 2686 being the key today
Yesterday, gold rose in the morning and fluctuated in the afternoon. The European and American markets continued to rise, reaching a high of 2660 yuan, and the daily chart closed with a strong bullish trend again.
Recently, the United States has been hit by a terrorist attack, which has sparked safe haven buying in the market and driven up gold prices. The ceasefire negotiations in Gaza have once again reached a stalemate, which has suppressed risk appetite and provided support for gold prices. On the other hand, the uncertainty of incoming US President Trump's policies may increase market demand for safe haven assets, thereby benefiting gold prices.
Technically, gold experienced a strong upward trend on Thursday, breaking through the resistance level formed by the weekly moving average and continuously breaking through 2638.2646. It remained stable above multiple moving averages at the daily level, demonstrating a strong short-term upward momentum.
On the daily chart, gold prices are gradually approaching the key resistance level of the MA60 daily moving average. In the short term, it is important to first pay attention to the resistance level corresponding to the moving average around 2663. If the upward trend continues and becomes increasingly strong, then we need to focus on the resistance situation at 2686, which is a temporary high point on the previous upward trend. As for the support below, just pay attention to the support of 2646 reached before yesterday's US market.
Today's spot gold trading strategy:
Rebound 2686, short sell, defend 2694. Target 2670-2650
Step back 2646 to buy more, defend 2638. Target 2663-2675
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