Gold is heading towards a historic high again, buy more at the current price of 2931!
After hitting bottom in the middle of the night, gold rose again and continued to rise strongly. Gold is only one step away from reaching a historical high, and it is heading towards a new historical high again.
The 1-hour moving average of gold continues to diverge towards the golden cross, and the bullish momentum of gold is once again strong. Gold has basically risen without any significant decline, and the high point of 2922 yesterday is once again supporting gold. The early decline of 2922 in gold is an opportunity to go long. If gold breaks through its historical high, then the bullish momentum of gold will continue to soar.
The strength of gold is relatively strong now, and the strong market will not fall back. If it falls slightly now, it will give more opportunities. If it falls too much, it will actually weaken.
Firstly, gold quickly bottomed out on Wednesday with the help of news, and then began to rise all the way. Only by continuing to rise can this decline be considered a wash up market. If this decline is only a wash up, then gold bulls will take it to the next level. Therefore, gold cannot fall too much now, as a significant drop will pull the market back into a large range of fluctuations.
So there is a high probability that we will still reach a new high today. If there is an unexpected decline and weakness, and it falls below 2922, then gold will return to a volatile market. We need to change our mindset and start laying out at a high level.
Buy long gold 2931, stop loss 2921, target 2945-2950;
Disclaimer: The above is purely a personal opinion sharing and does not constitute operational advice. Investment carries risks, and profits and losses are borne by oneself.
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