Gold hasn't fallen enough; just continue with the short position
Early last week, Trump intensified his pressure on Powell, accusing him of failing to cut interest rates promptly. Such remarks sparked concerns about the outlook for the U.S. economy, leading to a weakening of the dollar and subsequently pushing up gold prices. However, he later denied any intention to fire Powell. At the same time, he acknowledged that tariffs on China were too high and hinted at possible future reductions. These remarks eased market concerns about trade tensions, resulting in a correction in gold prices from their highs.
This week will be a heavy data week, including non-farm payroll data, U.S. first-quarter GDP data, PCE inflation data, etc. It is essential to closely monitor the impact of these data and events on gold prices.
At the beginning of this week, gold rallied to a new high before subsequently falling back, with 3500 becoming the new peak, followed by a period of adjustment. This trend is fully consistent with our previous expectations. As I emphasized repeatedly in last week's article, gold was bound to decline, and a breakdown below 3300 was an inevitable trend. We have consistently taken short positions, and I believe those who followed our strategy have also made considerable profits. Our live trading followers have even doubled their accounts this week.
This week, focus should be on the support level of 3260 and the resistance level of 3370. the high point on Friday, to judge the subsequent trend.
[Detailed Operating Strategy for Today!!!]
Buy gold on a pullback to 3260 with a stop loss at 3250. Target prices are 3280-3300.
Sell gold on a rebound to 3340 with a stop loss at 3350. Target prices are 3320-3300.
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