Information summary:
Gold prices climbed in the short term during trading after Trump threatened to impose new tariffs on the European Union, as this increased market uncertainty and increased demand for safe-haven assets. Trump said in a post on Truth Social that he suggested a 50% tariff on the European Union starting June 1, and complained that trade negotiations were stalled.
After the news came out, gold prices rose rapidly, breaking the $3,345 resistance level, but did not stabilize above the $3,365 resistance level I predicted in the morning; it reached a high of around $3,360 and then fell back slightly.
I think the short-term gains have been too large, and if there is a rapid adjustment, the amplitude will also be large.
Technical analysis:
From the 4-hour chart, gold prices continue to trade above all moving averages, and the 20-day moving average has broken through the 100-day and 200-day period moving averages. At present, indicators show that the upward momentum is not very strong.
If the price breaks through the 3365 resistance level strongly, it may hit the cycle high of around 3380.
Because of the weekend, if the resistance level fails to be broken strongly, the price may adjust in the range of 3360-3330 US dollars, and a new trend needs to be found.
Gold prices climbed in the short term during trading after Trump threatened to impose new tariffs on the European Union, as this increased market uncertainty and increased demand for safe-haven assets. Trump said in a post on Truth Social that he suggested a 50% tariff on the European Union starting June 1, and complained that trade negotiations were stalled.
After the news came out, gold prices rose rapidly, breaking the $3,345 resistance level, but did not stabilize above the $3,365 resistance level I predicted in the morning; it reached a high of around $3,360 and then fell back slightly.
I think the short-term gains have been too large, and if there is a rapid adjustment, the amplitude will also be large.
Technical analysis:
From the 4-hour chart, gold prices continue to trade above all moving averages, and the 20-day moving average has broken through the 100-day and 200-day period moving averages. At present, indicators show that the upward momentum is not very strong.
If the price breaks through the 3365 resistance level strongly, it may hit the cycle high of around 3380.
Because of the weekend, if the resistance level fails to be broken strongly, the price may adjust in the range of 3360-3330 US dollars, and a new trend needs to be found.
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Related publications
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.