On Wednesday, gold continued its recent record-breaking run, finding buying support for the fourth consecutive trading day. Against a backdrop of favorable fundamentals, gold prices hit a new all-time high of $4,218.19.
Persistent geopolitical tensions, escalating trade frictions, and market concerns about a prolonged US government shutdown have all contributed to the key factors supporting this surge in safe-haven assets. It is important to note that despite technical indicators indicating overbought conditions, gold bullish momentum has not weakened, suggesting that the path of least resistance remains upward and the recently established upward trend is likely to continue.
In early Asian trading, gold bulls stabilized in the 4,140 area and re-energized, breaking through the record high of $4,200. Until there is a clear signal of a peak, do not blindly guess the top location. In the short term, a buy-on-low approach is recommended, with key support focused on the intraday low and the short-term uptrend support from 4,090.
The first resistance level to watch is around 4210-4215, followed by 4240. Support is expected to be around 4180-4160. For gold, a short-term strategy is to buy on pullbacks.
Trading strategy:
Buy gold in batches on pullbacks between 4180-4160, with a stop-loss of $10. Profits are expected to be above 4200.
Persistent geopolitical tensions, escalating trade frictions, and market concerns about a prolonged US government shutdown have all contributed to the key factors supporting this surge in safe-haven assets. It is important to note that despite technical indicators indicating overbought conditions, gold bullish momentum has not weakened, suggesting that the path of least resistance remains upward and the recently established upward trend is likely to continue.
In early Asian trading, gold bulls stabilized in the 4,140 area and re-energized, breaking through the record high of $4,200. Until there is a clear signal of a peak, do not blindly guess the top location. In the short term, a buy-on-low approach is recommended, with key support focused on the intraday low and the short-term uptrend support from 4,090.
The first resistance level to watch is around 4210-4215, followed by 4240. Support is expected to be around 4180-4160. For gold, a short-term strategy is to buy on pullbacks.
Trading strategy:
Buy gold in batches on pullbacks between 4180-4160, with a stop-loss of $10. Profits are expected to be above 4200.
Trade active
The gold price is about to reach above 4200. Please choose a suitable stop-profit point based on your own funds. Real-time strategy updates are in progress. I wish you all a happy trading.
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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.
With rich trading experience and precise operating strategies, we can transform every market fluctuation into an opportunity to make profits.
Welcome to join my signal exchange channel: t.me/+5W95IZ8-mFUwY2Zh.
Welcome to join my signal exchange channel: t.me/+5W95IZ8-mFUwY2Zh.
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.