Gold has reached a new high, where is the endpoint?
Factors such as Trump's tariff policies, the situation in Ukraine, Federal Reserve policies, and Swiss gold exports have collectively supported gold prices. Yesterday, gold surged again during the white trading session, breaking new highs and reaching the 2955 level. However, near this point, gold began to encounter resistance and turned downwards. During the US trading period, the downward trend continued, with the lowest point reaching around 2924. Eventually, the daily chart closed with a small bullish line with upper and lower shadows.
From a daily perspective, gold hit a new high on Thursday. It should be noted that despite the recent strong performance of the gold market, its continued upward momentum after reaching a new high is not strong. So, it is necessary to be cautious when chasing high prices, and try to wait for the price to fall as much as possible in operation, relying on the support level to go long.
Last night, gold experienced a significant decline, falling directly below the low point of the morning session. Today, let's first focus on the support level formed by last night's low point of 2924 and Wednesday's low point of 2918. As long as the price is above these two support levels, the market can be regarded as a volatile and strong pattern. Once the price breaks below the level, it is necessary to pay attention to the support level near 2906 and the previous top bottom transition. The pressure above doesn't have much reference value.
Detailed Operation Strategy for Gold Today
Rebound 2965 short, defend 2973. Target 2950-2930;
Step back 2924 to buy more, defend 2916, target 2940-2955;
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights