🔥Gold bullish momentum is strong

Looking at the gold daily line, yesterday it began to break through the resistance of 2365 at the beginning of the week and reached the important mark of 2400 today, once again proving the fact that gold has not yet reached its top; where is the top currently? There is no basis for reference yet. At present, there is also super pressure on the daily trend line channel near 2400-2403, so be sure to be cautious when chasing long! Personal analysis believes that the current rise in gold is caused by institutions and major players pushing up the price of gold in advance and fleeing their large long positions. When retail investors follow the trend and chase the long positions, gold is at risk of a correction at any time!
From a technical point of view, gold is already overbought and divergent. The market price has once again broken through the high point, and the long positive line of the daily line has swallowed up the negative line. This is fully in line with our expectations. Since the beginning of this current uptrend, adjustments have always been part of the upward process, and gold has paved the way for subsequent gains. There has not been a stable major correction recently, so we do not rule out the possibility of a unilateral plunge at any time. However, we should not be too sensitive to every adjustment. The market's trend reversal is not completed by a negative line or a decline, but It requires a long process, so we should always remain vigilant and patiently wait for the opportunity for a correction!

On the whole, today's short-term trading strategy for gold recommends mainly going long after the correction, supplemented by shorting after the rebound. The upper short-term focus is on the 2400-2403 resistance range, and the lower short-term focus is on the 2365-2370 support range

Comment:

In early trading in the European market on Friday (April 12), spot gold rose sharply in the short term, with the price of gold just breaking through the US$2,400/ounce mark, setting a new historical high. Gold prices hit another record high on Friday. While the relative strength index (RSI) remains heavily overbought, geopolitical tensions in the Middle East will continue to encourage gold buyers. Amid heightened geopolitical tensions, keep an eye on whether gold prices can close this week above $2,400 an ounce. Buying interest around gold prices continues unabated as investors continue to seek refuge in gold, the ultimate traditional safe haven, amid rising geopolitical tensions between Israel and Iran. From a broader perspective, gold prices remain supported by a surge in gold buying by global central banks including Turkey, Kazakhstan and China.

Comment:

Good evening friends! Tonight's market situation must have left many people at a loss. In the face of seemingly steadily rising profits, have you failed to suppress your impulse? Did you pursue long positions at a high position without using a stop loss, and you ended up being trapped? Let’s clarify our thoughts and analyze the current situation: now we have trapped the bulls above by 30-50 points, and it is likely that it will not continue to rise in the short term. Except for the wave of reverse V market in the US market, we will return to the previous US market near 2390. At this point, it is temporarily difficult to go up, so the idea in the second half of the session should be mainly short selling at high levels. 2390-2396 is a good entry point. The stop loss is set at 2403, and the main operation is light positioning.