Gold adjustment is not a decline, the bullish trend is still ongoing!
At the opening of the morning session, the strong performance of the US dollar triggered a pullback in gold prices, resulting in a significant drop in gold prices. In addition, due to the recent rise in inflation expectations, market interest rates may also increase, increasing the opportunity cost of holding gold. Some investors have transferred their funds to other asset classes with higher returns, leading to a weakening of demand in the gold market. There are signs of easing in geopolitics, and market risk aversion has greatly eased. Investors' demand for gold as a safe haven has significantly decreased, and gold prices have lost important support and fallen.
The current market trend is mainly due to the stimulation brought by the data, but after the data is completely digested, most of it will leave a pile of chicken feathers. We know that none of the main factors affecting the rise of gold have been eliminated, and the general direction is still bullish. For today's market trend, the adjustment is giving us another opportunity to go long. In the morning, we should focus on the support of the low point before 3350, and continue to go long as the gold price adjustment approaches 3350!
Specific strategies
Buy long at 3350 gold, stop loss at 3340. Target at 3400
Disclaimer: The above suggestions are for reference only. Investment carries risks, and caution should be exercised when operating
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