Spot gold prices extended their upward trend ahead of the U.S. market open, briefly touching the $3,320 level intraday. According to foreign media reports, U.S. House Speaker Johnson stated that Republicans have reached an agreement to raise the state and local tax (SALT) deduction to $40,000, resolving one of the final issues impeding Trump's economic bill. Following the release of the April trade statement, investors' "unconventional shift" away from traditional safe havens like the U.S. dollar and Treasury bonds may signal a "fundamental institutional change," increasing the risk of "broad-based shifts in global capital flows" that "could have far-reaching implications for the global financial system."
After opening higher today, gold traded within a volatile range. Following a second retracement near $3,290, gold is again likely to test upward resistance. Overall, gold remains in a bullish channel, and barring a break below key support, the probability of continued upside remains high. For today's trading, consider prioritizing long positions on pullbacks as the primary strategy, with short positions at highs as a secondary approach. Monitor resistance at the $3,325-$3,350 level and support at the $3,290-$3,280 level.
Trading Strategy:
buy@3280-3290
TP:3310-3320
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
After opening higher today, gold traded within a volatile range. Following a second retracement near $3,290, gold is again likely to test upward resistance. Overall, gold remains in a bullish channel, and barring a break below key support, the probability of continued upside remains high. For today's trading, consider prioritizing long positions on pullbacks as the primary strategy, with short positions at highs as a secondary approach. Monitor resistance at the $3,325-$3,350 level and support at the $3,290-$3,280 level.
Trading Strategy:
buy@3280-3290
TP:3310-3320
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.