Amidst the significant decrease in non-farm payrolls, the rise in unemployment rate, and the impact of SVB's bankruptcy, risk aversion has surged, with gold returning to near 1900. The occurrences have made the release of February's non-farm payroll data seem like a joke!
With so much news to back it up, even technical analysis will become powerless. For now, until there is a complete solution to the SVB bankruptcy event, gold will remain beloved by safe-haven funds, and the price of gold will continue to rise.
During trading, attention should be paid to the resistance level of 1900, while the support of today's gap at the 1867-1863 range below should be considered. If the gold price falls below 1863, it indicates a sign of a decrease in risk aversion, and the gold price will return to a range of fluctuation between 1833-1890.
Hawk-eyed trading strategy:
Go long around 1867 with a take-profit target of 1890-1899.
Follow me and you'll get more interesting investment information! Plus, I'll share real-time trading strategies during trading hours, including stocks, gold , crude oil , forex, cryptocurrencies, and more!
