Gold skyrocketed to around 1870 after the release of the non-farm payrolls report, and this is the question that most investors are concerned about: will it continue to rise?
I believe it will, and it may even reach around 1890-1900.
Why do I say this? Let's analyze it from the fundamental and technical perspectives.
As we have discussed in previous articles, the non-farm payrolls report is likely to be bullish for gold and drive up the price, and this judgment has now been confirmed, so the fundamentals are in line with expectations.
From a technical perspective: Gold experienced a V-shaped reversal this week after hitting a low, with the weekly chart closing out and the price now turning from weak to strong. The daily chart shows a continuous increase in positive days, with increasing trading volume and the price forming a bullish trend. The 4-hour chart has formed a double-bottom support rebound, and the price continues to rise with a positive momentum. The Bollinger Bands are opening upwards, the MACD is showing a bullish crossover, and the red momentum bars are continuously rising, indicating that the current price is in a strong bullish trend. Therefore, the focus should continue to be on long positions.
However, the current decline of the US dollar is about to form a triple bottom support, and gold may experience a correction. This is not bad news, because the recent rebound of gold has been too fast. If it can adjust and then gather momentum for an upward surge, it would be a healthier and more optimistic trend. The overall upward trend remains unchanged, and I believe that breaking through 1900 is not far off.
Therefore, try to buy on dips. Specific trading space charts have already been drawn, and attention should be paid to support near 1845-1855 in the short term. The first resistance above is around 1880-1890.
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Gold has reached 1890
