On Friday, gold fluctuated weakly downward, hitting a low of 3321. However, during Powell's speech, prices surged, breaking through the previous resistance level of 3350-3360. The price reached a high of around 3378 before retreating to around 3371, a gain of 57 points. This strong breakout has given the market a clearer trend, transforming all previous resistance levels into support levels, further allowing bulls to exert their remaining momentum. The trend has also broken through the resistance of the short-term moving average, which overall suggests significant positive news for bulls.
However, Powell's speech did not reveal any interest rate cuts, and most traders believe that the lack of a clear indication of no rate cuts suggests a possibility. This view has yet to be confirmed. I believe a short-term wait-and-see approach is recommended for the Asian market opening next week to see how the market digests the impact of the speech.
Currently, support is focused around 3350-3360, while resistance is focused around 3380-3390.
Next Monday, we will focus on the continued strength of the upward trend. If gold retreats but fails to rebound, especially if it fails to maintain its upward momentum during the European and American trading sessions, a potential weakening trend cannot be ruled out. The specific situation will depend on how the market processes this event.
The weekend is here, I wish you all a happy weekend. See you next week.
However, Powell's speech did not reveal any interest rate cuts, and most traders believe that the lack of a clear indication of no rate cuts suggests a possibility. This view has yet to be confirmed. I believe a short-term wait-and-see approach is recommended for the Asian market opening next week to see how the market digests the impact of the speech.
Currently, support is focused around 3350-3360, while resistance is focused around 3380-3390.
Next Monday, we will focus on the continued strength of the upward trend. If gold retreats but fails to rebound, especially if it fails to maintain its upward momentum during the European and American trading sessions, a potential weakening trend cannot be ruled out. The specific situation will depend on how the market processes this event.
The weekend is here, I wish you all a happy weekend. See you next week.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.