Gold retreated to 3470 yesterday before rebounding. Driven by safe-haven funds, it surged strongly, breaking through the 3500 resistance level and reaching an all-time high of 3546.
The main reason for the rise is market concerns about the UK's economic outlook. Coupled with the general rise in global bond yields, the UK's long-term borrowing costs hit their highest level since 1998 yesterday.
As for gold at this point, my view remains that it's best not to chase the rally. While the current state of gold is generally bullish, the more such times are, the greater the risks.
Especially with gold prices at their all-time high, you don't know where the top will be or where the pullback will begin. This creates the greatest uncertainty.
When it comes to trading, my philosophy has always been to avoid uncertain trades. I prefer to wait for better opportunities, as they are free.
What gold needs now is a pullback to support, which would provide momentum for further gains. However, yesterday's pullback to the crucial 3450 level wasn't reached. Currently, gold has broken through 3500, so 3500 has turned from pressure to support, so I will pay attention to 3500 next and wait to see whether it stabilizes before considering whether to enter the market.
📣If you have different opinions, please leave a message below to discuss
The main reason for the rise is market concerns about the UK's economic outlook. Coupled with the general rise in global bond yields, the UK's long-term borrowing costs hit their highest level since 1998 yesterday.
As for gold at this point, my view remains that it's best not to chase the rally. While the current state of gold is generally bullish, the more such times are, the greater the risks.
Especially with gold prices at their all-time high, you don't know where the top will be or where the pullback will begin. This creates the greatest uncertainty.
When it comes to trading, my philosophy has always been to avoid uncertain trades. I prefer to wait for better opportunities, as they are free.
What gold needs now is a pullback to support, which would provide momentum for further gains. However, yesterday's pullback to the crucial 3450 level wasn't reached. Currently, gold has broken through 3500, so 3500 has turned from pressure to support, so I will pay attention to 3500 next and wait to see whether it stabilizes before considering whether to enter the market.
📣If you have different opinions, please leave a message below to discuss
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🧐🧐🧐The trading strategy accuracy rate is over 80%, and the actual trading results can be checked
🔥🔥🔥Welcome to join
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
🔥🔥🔥Welcome to join
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
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.