On April 1, gold rose sharply last week, ending March with the highest monthly closing price in history. There are many events this week. In addition to the economic data such as the U.S. non-farm report and global PMI, most officials from the Federal Reserve have given speeches. Their attitude towards the Fed's interest rate cut will directly affect the rise and fall of gold in the future.
The Israeli-Palestinian conflict escalated. The Israeli military announced the killing of two senior Hamas leaders, and the probability of interest rate cuts increased. Gold has been rising sharply. It opened directly above 2260 on Monday and has been breaking through all-time highs. However, the follow-up time coincides with the Easter holiday, and the financial markets in most European and American countries are closed. It is expected that the European and American trading may be subject to certain restrictions.
It can be said that gold has soared due to the extreme news, and this week's non-agricultural data will be the market's focus. Although February's non-farm payrolls data significantly exceeded market expectations, the dollar was still under selling pressure because the data for January and December last year were revised downwards. If March non-farm payrolls data is stronger than expected and there is no significant revision to past data, the dollar could outperform its rivals and put knee-jerk pressure on gold. On the contrary, gold will still rise sharply
In short, under such extreme emotions, it is even more important not to engage in short-term short-term operations, because both technical and fundamental factors coincide with the rise, and short orders go against the trend, which is extremely risky. Regarding the refusal to participate in short orders, I have been shouting for more than a day or two. If you want to go short in the future market, you need to meet two conditions: First, technically the upper limit touches around 2300 before considering it. Second, the fundamentals must have clear negative pressure, and even if the above two conditions are met, the adjustment may only be a short-term behavior.
Judging from the 60-minute chart, gold is currently in the fallback stage after a surge, and the price is expected to fall back to the $2,240-2,250 range. Radical traders can go long with light positions in this range. The expected take-profit price above is around $2,270. Short selling is not recommended for the time being, and there is still room for growth in the future.
The Israeli-Palestinian conflict escalated. The Israeli military announced the killing of two senior Hamas leaders, and the probability of interest rate cuts increased. Gold has been rising sharply. It opened directly above 2260 on Monday and has been breaking through all-time highs. However, the follow-up time coincides with the Easter holiday, and the financial markets in most European and American countries are closed. It is expected that the European and American trading may be subject to certain restrictions.
It can be said that gold has soared due to the extreme news, and this week's non-agricultural data will be the market's focus. Although February's non-farm payrolls data significantly exceeded market expectations, the dollar was still under selling pressure because the data for January and December last year were revised downwards. If March non-farm payrolls data is stronger than expected and there is no significant revision to past data, the dollar could outperform its rivals and put knee-jerk pressure on gold. On the contrary, gold will still rise sharply
In short, under such extreme emotions, it is even more important not to engage in short-term short-term operations, because both technical and fundamental factors coincide with the rise, and short orders go against the trend, which is extremely risky. Regarding the refusal to participate in short orders, I have been shouting for more than a day or two. If you want to go short in the future market, you need to meet two conditions: First, technically the upper limit touches around 2300 before considering it. Second, the fundamentals must have clear negative pressure, and even if the above two conditions are met, the adjustment may only be a short-term behavior.
Judging from the 60-minute chart, gold is currently in the fallback stage after a surge, and the price is expected to fall back to the $2,240-2,250 range. Radical traders can go long with light positions in this range. The expected take-profit price above is around $2,270. Short selling is not recommended for the time being, and there is still room for growth in the future.
Comment:
Gold fell more than expected, but it is not expected to fall below $2,223 at the moment
The price of gold has now fallen back to the range of 2240-2250 US dollars, and radicals can go short with light positions.