Yesterday, gold staged a bullish and short-selling trend. First, it fell from around 2360 to around 2325 due to the good performance of US economic data. However, as the market responded to Israel's remarks on the topic of counterattack, gold began to rise, leading bulls to launch a counterattack. The price rose and tested to a position near 2392. Such a trend can only be described as a double kill for both longs and shorts. The longs were buried first and then the shorts were buried.
Currently, the U.S. dollar and gold are rising together. The market believes that the possibility of the Federal Reserve cutting interest rates in June is declining. The rise in U.S. bond yields logically means that gold needs to retreat. However, the current situation is that the trend of gold is too closely related to geopolitical relations. Almost every retracement adjustment is accompanied by a strong rise and recovery, coupled with the promotion and support of the geopolitical situation, no matter how strong the data is, it is difficult to shake the upward momentum.
Today's trading can be short below the $2,400 mark, and long orders can be placed after the adjustment reaches the $2,365-2,360 area. After the $2,400 mark is firm, it will continue to challenge the previous high of $2,431.
Currently, the U.S. dollar and gold are rising together. The market believes that the possibility of the Federal Reserve cutting interest rates in June is declining. The rise in U.S. bond yields logically means that gold needs to retreat. However, the current situation is that the trend of gold is too closely related to geopolitical relations. Almost every retracement adjustment is accompanied by a strong rise and recovery, coupled with the promotion and support of the geopolitical situation, no matter how strong the data is, it is difficult to shake the upward momentum.
Today's trading can be short below the $2,400 mark, and long orders can be placed after the adjustment reaches the $2,365-2,360 area. After the $2,400 mark is firm, it will continue to challenge the previous high of $2,431.
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Pay attention to the first support level of 2365. If you want to get trading information, you can join my channel.
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Geopolitical reasons have a great impact on gold, and the general direction today will still be upward.
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At this time, the market may be both long and short. It is recommended to trade short-term. You can exit when you make a profit. Don't be greedy.
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2380 is a key resistance level. If it breaks through, it is likely to reach the high of 2400 again.
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Trading strategy; go long in the 2370-2373 area, target 2390.
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As predicted, it is approaching 2390.
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Perfect prediction, it is already 2392 at this time, and the next target is 2400.
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A short-term correction is a buying opportunity. If you want to make money, you must seize the opportunity. The next resistance is 2400.
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Powell spoke an hour later, which could give markets a new direction.
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The Fed's hawkish speech hindered the price of gold, causing a short-term decline.
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The Fed's hawkish comments have held back gold, but if Israel strikes back against Iran, you could see gold rise again.
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The market's upward trend is still relatively strong, and if Israel counterattacks, this will be confirmed.
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A short-term pullback is a buying opportunity, enter with long orders.
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The 2380 area continues to be empty, waiting for a callback.
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The 2380 area continues to go long, and the upward trend of gold remains strong.
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The first resistance is the 2350 area. If it stands above this area, it will open up further upside space and the next target is the 2390 area.
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Make profits, make profits, and end this wonderful week by making money.
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2330 turns into a support level. If it remains above 2330, it will continue to be bullish. If it falls below 2330, it will rebound and be bearish.
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If it continues to remain above the 2330 area, it means that its trend is still on the upward side.
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Have a wonderful weekend.
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