https://www.tradingview.com/x/sW6Fs8u7/
News：
During Tuesday's Asian session (October 14th), spot gold retreated sharply from its all-time high of $4,179.47 per ounce, now fluctuating around $4,125 per ounce, near the lower limit of its intraday range. US President Trump's shifting stance on tariffs continued to boost market risk appetite, and coupled with dip-hunting in the US dollar, this prompted profit-taking in gold amidst severely overbought conditions.
As Democrats and Republicans continue to blame each other for the government shutdown that began on October 1st, the impasse over the reopening of the US government is expected to continue into its third week.
US President Trump reignited the trade war last Friday, threatening 100% tariffs, which continued to provide support for safe-haven gold.
In geopolitical terms, the escalating conflict between Russia and Ukraine has become another factor contributing to the precious metal's record highs.
Specifically:
From a technical perspective, the rally over the past seven weeks or so has consistently followed an upward-sloping trendline.
Furthermore, after breaking through the $4,055-4,060 resistance area, gold prices have surged past the $4,100 mark, solidifying the short-term bullish outlook for gold.
However, the 14-day Relative Strength Index (RSI) is already showing severe overbought signals, suggesting a period of consolidation before further gains are possible.
Any meaningful technical pullback currently could be seen as a buying opportunity. The $4,090-4,078 area provides strong support, but a break below this support level could trigger a technical sell-off. Conversely, if gold successfully forms a double bottom in the $4,090 area, the short-term correction in gold could be over, potentially ushering in a new round of gains.
Trading strategy:
Buy: 4090-4110-4115, SL: 4078, TP: 4125-4150-4175
News：
During Tuesday's Asian session (October 14th), spot gold retreated sharply from its all-time high of $4,179.47 per ounce, now fluctuating around $4,125 per ounce, near the lower limit of its intraday range. US President Trump's shifting stance on tariffs continued to boost market risk appetite, and coupled with dip-hunting in the US dollar, this prompted profit-taking in gold amidst severely overbought conditions.
As Democrats and Republicans continue to blame each other for the government shutdown that began on October 1st, the impasse over the reopening of the US government is expected to continue into its third week.
US President Trump reignited the trade war last Friday, threatening 100% tariffs, which continued to provide support for safe-haven gold.
In geopolitical terms, the escalating conflict between Russia and Ukraine has become another factor contributing to the precious metal's record highs.
Specifically:
From a technical perspective, the rally over the past seven weeks or so has consistently followed an upward-sloping trendline.
Furthermore, after breaking through the $4,055-4,060 resistance area, gold prices have surged past the $4,100 mark, solidifying the short-term bullish outlook for gold.
However, the 14-day Relative Strength Index (RSI) is already showing severe overbought signals, suggesting a period of consolidation before further gains are possible.
Any meaningful technical pullback currently could be seen as a buying opportunity. The $4,090-4,078 area provides strong support, but a break below this support level could trigger a technical sell-off. Conversely, if gold successfully forms a double bottom in the $4,090 area, the short-term correction in gold could be over, potentially ushering in a new round of gains.
Trading strategy:
Buy: 4090-4110-4115, SL: 4078, TP: 4125-4150-4175
Trade active
Sino-US trade relations and geopolitical wars have become tense again, and risk aversion has intensified, pushing gold prices to continue to rise.
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I'm Theodore, welcome to join my channel, where you can get the latest trading signals and strategy layout.
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.