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On the first trading day of June, gold and silver both rose sharply, especially silver, which rose by more than 5% in a single day and set a new high this year. Next, silver may be the main field.
In the short term, the market is affected by the ever-changing tariffs and tense geopolitical situation, which has led to the resurgence of risk aversion and pushed up the gold price.
As for silver, the long-suppressed emotions finally broke out. After the gold price rose continuously to a record high, only silver did not rise. I have repeatedly emphasized in the article that looking at the entire macroeconomic fundamentals, the factors supporting gold to rise first and silver to continue to rise are relatively clear.
The world's largest gold ETF has increased its holdings for two consecutive trading days, and silver has increased its holdings for six consecutive trading days. Such continuous increase in holdings is relatively rare, and it can also drive the positive sentiment of the market and increase buying power. Therefore, as far as silver is concerned, the rise is far from over.
Gold held its gains after yesterday's surge. The daily line recorded a real big positive, and the price remained above the moving average of each period. The upper Bollinger upper rail was suppressed. Fortunately, the short-term indicators continued to maintain an upward trend, which was in line with the K-line trend. The daily line tended to be bullish.
Due to yesterday's excessive increase and no data and events to support it today, the momentum for continued rise was insufficient, and the retracement was normal. However, the idea of falling back and then bullish remained unchanged.
So far, the gold price has fallen back to the low of 3350, which is regarded as an effective technical support. If this level is broken, the support below will be in the 3330-3325 area. During the stable period, it will wait for the further support area below the fall to intervene in the long bullish position. The pressure is at the first target of 3380 and the second target is at the 3400 mark.
On the first trading day of June, gold and silver both rose sharply, especially silver, which rose by more than 5% in a single day and set a new high this year. Next, silver may be the main field.
In the short term, the market is affected by the ever-changing tariffs and tense geopolitical situation, which has led to the resurgence of risk aversion and pushed up the gold price.
As for silver, the long-suppressed emotions finally broke out. After the gold price rose continuously to a record high, only silver did not rise. I have repeatedly emphasized in the article that looking at the entire macroeconomic fundamentals, the factors supporting gold to rise first and silver to continue to rise are relatively clear.
The world's largest gold ETF has increased its holdings for two consecutive trading days, and silver has increased its holdings for six consecutive trading days. Such continuous increase in holdings is relatively rare, and it can also drive the positive sentiment of the market and increase buying power. Therefore, as far as silver is concerned, the rise is far from over.
Gold held its gains after yesterday's surge. The daily line recorded a real big positive, and the price remained above the moving average of each period. The upper Bollinger upper rail was suppressed. Fortunately, the short-term indicators continued to maintain an upward trend, which was in line with the K-line trend. The daily line tended to be bullish.
Due to yesterday's excessive increase and no data and events to support it today, the momentum for continued rise was insufficient, and the retracement was normal. However, the idea of falling back and then bullish remained unchanged.
So far, the gold price has fallen back to the low of 3350, which is regarded as an effective technical support. If this level is broken, the support below will be in the 3330-3325 area. During the stable period, it will wait for the further support area below the fall to intervene in the long bullish position. The pressure is at the first target of 3380 and the second target is at the 3400 mark.
Trade active
Gold is in line with my analysis. After falling below 3350, it will explore the next target.Trade closed: target reached
The upward momentum has started, and now we just need to wait for profits.
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.