Gold analysis today (3320-3380)Gold analysis today (3320-3380)
4.24: The core factors that currently affect the trend of gold
Short-term disturbance of Trump's remarks:
Trump's easing of his attitude towards tariffs and the Federal Reserve (such as considering reducing tariffs on China and not firing Powell for the time being) weakened risk aversion, leading to a short-term sell-off of gold.
However, such policies are highly repetitive, and the market is skeptical about their sustainability, and risk aversion demand may return at any time.
The basic logic of US debt and the US dollar
The foundation of the long-term bull market in gold has not changed: the expansion of the US fiscal deficit, the questioning of the credit of US debt, and the challenge of the US dollar hegemony (such as the trend of de-dollarization) are still the core logic supporting gold.
The market's expectations of future interest rate cuts by the Federal Reserve (although short-term fluctuations) and the potential risk of rising inflation are also favorable to gold.
Key technical signals
Daily level:
Gold prices fell for two consecutive days after hitting $3,500, indicating that selling pressure is high and the overbought state needs to be corrected in the short term.
However, the long-term moving average (such as the 200-day moving average) is still in a bullish arrangement, and the bull market structure has not been broken.
4-hour/1-hour level:
3380 has become a short-term resistance level. If it cannot be broken through, it may fall to the 3260-3245 support area.
Operation suggestions:
1: Pay attention to the pressure level near 3380 today. The gold price rebounded and rose. If the rise is blocked, it depends on the pressure level here.
If it can successfully break through 3380, the gold price will still be bullish after the correction.
Strategy: Go long at a low price
2: Pay attention to the 3320 support level today. The support level of today's oscillation range depends on this.
If the support level near 3320 is stable, then the bottom of the future long position is here.
Summary:
Key pressure level: 3360-3380
Key support level: 3300-3320
It is expected that there may be a few days of wide fluctuations in the next few days.
Considering that the next rise will not be as smooth as before.
Considering the following strategies, both long and short positions have certain opportunities.
If we only do long positions, try to enter the market at the pullback support level. If you like to do short positions, then good luck.
