【Market News】
On Monday (April 7), spot gold continued to fall in the Asian market, once losing the 3,000 integer mark, and refreshed the low since March 13 to $2,976/ounce. As concerns about international trade intensified, US stock index futures continued to plummet, and Japanese, Australian and New Zealand stock markets also followed the decline. Investors continued to sell gold to make up for their losses in the broader market collapse. Last Friday, European and American stock markets plummeted, and investors had already sold gold at that time, causing spot gold to plummet by 2.47% last Friday! After the plunge on Thursday and Friday, global markets fell further on Monday, and may have the worst three-day plunge in history. Investors who had been expecting some kind of reversal in tariff policy throughout the weekend realized that this was impossible, so they sold all kinds of assets after the opening of Monday. It should be reminded that investors still need to pay attention to the support of bargain hunting and safe-haven buying in London gold prices. Driven by strong central bank purchases and its overall appeal as a safe hedge against economic and geopolitical uncertainties, international gold has still risen by more than 13% this year. After the dramatic events surrounding US tariffs, the US schedule this week is relatively dull. The most important events are the release of the Fed's March meeting minutes on Wednesday, the release of US CPI and weekly unemployment benefits on Thursday, and the subsequent US PPI, University of Michigan consumer confidence and inflation expectations.
Technical Review:
The tariff policy has been implemented. Buy the expectation and sell the fact. Gold was sold off on Friday. Gold is under pressure from the upper track of the rising trend line channel at 3160/65. The current correction is gradually approaching the lower track of the rising channel line at 2980/70. The daily line closed with a big negative structure. The New York closing broke through the MA10 daily moving average at 3070. The RSI indicator continued to be overbought at a high level of 80 values in the early stage, and then turned down and fell back to the 50-value central axis!The weekly RSI indicator turned downward and the price lost the MA5-day moving average in the early trading. The short-term four-hour chart MA10/7-day moving average high 3125 dead cross remains open downward, currently moving down to 3063/75, the RSI indicator runs below the middle axis, and the hourly and four-hour chart Bollinger bands open downward. In the early trading, gold continued to fluctuate downward in a weak bearish trend. The trading idea at the beginning of the week continued to be mainly high-altitude, with low-long auxiliary cooperation.
Today's analysis:
Gold once again opened a dramatic crazy mode last Friday, with buying and selling back and forth, large fluctuations, and finally selling was slightly better. The daily line closed in the long Yinxian form of upper and lower leads, which can be said to be an eye-opener for the market. With the increase in the base of gold prices, large fluctuations are also commonplace. The large fluctuations in the last second and the next second make the market uneasy. In the face of the sharp decline last Friday, gold may continue to maintain a downward trend in the later period, and the short-term bottom position below will be maintained at the 3000 integer level! This position is also the bottom and starting point of the previous period. There is a high possibility of a pullback, while the upper pressure is maintained near the top and bottom conversion of 3054-57, which is also the top position of the last big Yinxian last Friday. This position will be an ideal short-selling point on Monday. Once the pressure is effective, it may still fall again in the later period. The 1-hour moving average of gold has formed a dead cross downward, so there is still motivation for selling gold. The short-term trend of gold can only be a rebound. After the rebound, gold will continue to sell, and then gold will enter a shock. After the high-level plunge of gold, it is more advantageous to sell in the short term. Unless there is a big profit to buy, it is difficult for gold to rise directly. The last physical K-line box of gold in the 1 hour will form a short-term suppression. The resistance of gold rebound is 3054. If it is under pressure, then gold will continue to sell at highs after the rebound.
Operation ideas:
Short-term gold 2983-2985 buy, stop loss 2974, target 3010-3030;
Short-term gold 3051-3054 sell, stop loss 3063, target 3000-3010;
Key points:
First support level: 3000, second support level: 2990, third support level: 2976
First resistance level: 3040, second resistance level: 3054, third resistance level: 3068
On Monday (April 7), spot gold continued to fall in the Asian market, once losing the 3,000 integer mark, and refreshed the low since March 13 to $2,976/ounce. As concerns about international trade intensified, US stock index futures continued to plummet, and Japanese, Australian and New Zealand stock markets also followed the decline. Investors continued to sell gold to make up for their losses in the broader market collapse. Last Friday, European and American stock markets plummeted, and investors had already sold gold at that time, causing spot gold to plummet by 2.47% last Friday! After the plunge on Thursday and Friday, global markets fell further on Monday, and may have the worst three-day plunge in history. Investors who had been expecting some kind of reversal in tariff policy throughout the weekend realized that this was impossible, so they sold all kinds of assets after the opening of Monday. It should be reminded that investors still need to pay attention to the support of bargain hunting and safe-haven buying in London gold prices. Driven by strong central bank purchases and its overall appeal as a safe hedge against economic and geopolitical uncertainties, international gold has still risen by more than 13% this year. After the dramatic events surrounding US tariffs, the US schedule this week is relatively dull. The most important events are the release of the Fed's March meeting minutes on Wednesday, the release of US CPI and weekly unemployment benefits on Thursday, and the subsequent US PPI, University of Michigan consumer confidence and inflation expectations.
Technical Review:
The tariff policy has been implemented. Buy the expectation and sell the fact. Gold was sold off on Friday. Gold is under pressure from the upper track of the rising trend line channel at 3160/65. The current correction is gradually approaching the lower track of the rising channel line at 2980/70. The daily line closed with a big negative structure. The New York closing broke through the MA10 daily moving average at 3070. The RSI indicator continued to be overbought at a high level of 80 values in the early stage, and then turned down and fell back to the 50-value central axis!The weekly RSI indicator turned downward and the price lost the MA5-day moving average in the early trading. The short-term four-hour chart MA10/7-day moving average high 3125 dead cross remains open downward, currently moving down to 3063/75, the RSI indicator runs below the middle axis, and the hourly and four-hour chart Bollinger bands open downward. In the early trading, gold continued to fluctuate downward in a weak bearish trend. The trading idea at the beginning of the week continued to be mainly high-altitude, with low-long auxiliary cooperation.
Today's analysis:
Gold once again opened a dramatic crazy mode last Friday, with buying and selling back and forth, large fluctuations, and finally selling was slightly better. The daily line closed in the long Yinxian form of upper and lower leads, which can be said to be an eye-opener for the market. With the increase in the base of gold prices, large fluctuations are also commonplace. The large fluctuations in the last second and the next second make the market uneasy. In the face of the sharp decline last Friday, gold may continue to maintain a downward trend in the later period, and the short-term bottom position below will be maintained at the 3000 integer level! This position is also the bottom and starting point of the previous period. There is a high possibility of a pullback, while the upper pressure is maintained near the top and bottom conversion of 3054-57, which is also the top position of the last big Yinxian last Friday. This position will be an ideal short-selling point on Monday. Once the pressure is effective, it may still fall again in the later period. The 1-hour moving average of gold has formed a dead cross downward, so there is still motivation for selling gold. The short-term trend of gold can only be a rebound. After the rebound, gold will continue to sell, and then gold will enter a shock. After the high-level plunge of gold, it is more advantageous to sell in the short term. Unless there is a big profit to buy, it is difficult for gold to rise directly. The last physical K-line box of gold in the 1 hour will form a short-term suppression. The resistance of gold rebound is 3054. If it is under pressure, then gold will continue to sell at highs after the rebound.
Operation ideas:
Short-term gold 2983-2985 buy, stop loss 2974, target 3010-3030;
Short-term gold 3051-3054 sell, stop loss 3063, target 3000-3010;
Key points:
First support level: 3000, second support level: 2990, third support level: 2976
First resistance level: 3040, second resistance level: 3054, third resistance level: 3068
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.