Positive progress has been made in the Sino-US tariff negotiations, which has led to the activation of the global capital market. However, the safe-haven asset gold has been significantly sold off. The daily decline has once again exceeded $100. In the past two to three months, daily fluctuations of the hundred-dollar level have become the norm. Gold stabilized and rebounded after hitting a low of 3207 during the European trading session. During the US trading session, it further rose to a high of 3248. However, the upward momentum is relatively limited, and currently, the price is maintaining a volatile pattern within the range of 3231-3248. At present, 3250 has become a key resistance level. If it can be effectively broken through and the price can stand firm above it, the gold price is expected to further test the 3270-3288 area. Nevertheless, judging from the short-term momentum, there is still downward pressure for a pullback during the late trading session. Technically, the upper resistance is concentrated in the 3248-3252 range, and the lower support is around 3225-3217.
Trading Strategy:
sell@3245-3255
TP:3217-3222
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Trading Strategy:
sell@3245-3255
TP:3217-3222
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
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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.