Gold is expected to rise further after reaching 2010!

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The price of gold broke the shackles of the recent trading range and began to attack new highs; the regional banking crisis triggered an increase in risk appetite, and the yield of US treasury bonds began to fall; the focus of the market was on the interest rate decision of the Federal Reserve in the early hours of Thursday; Where will gold prices head if it hints at a more hawkish Fed?

With the decline in risk sentiment and the decline in U.S. bond yields, the price of gold rose sharply overnight, reaching above $2,000 an ounce.

Wall Street closed lower after the regional lender faced market scrutiny, although embattled First Republic Bank received support from JPMorgan earlier this week. The KBW Bank Index, which includes several leading regional banks, fell 4.47% on Tuesday.

At the same time, the unresolved US debt ceiling issue continues to simmer; gold and Treasuries are being sought after as concerns about the macroeconomic environment continue to grow.

U.S. Treasury yields across different maturity structures fell across the board, with the 2-year yield down 18 basis points to below 4%. At the close of the New York session, the 10-year U.S. Treasury yield was down 14 basis points in nominal terms, while the 10-year real yield was down 11 basis points.

Note: The real yield is the nominal yield minus the market inflation rate as measured by TIPS.

That means little change in inflation expectations but higher returns on risk-free assets like U.S. Treasuries. Gold's safe-haven attributes also appear to help it benefit from market sentiment.

The greenback has had an uneventful week so far, with markets still weighing the possible impact of the upcoming Federal Open Market Committee meeting.

While the market is now pricing in a 25 basis point hike, the focus remains on Powell's press conference, when markets will get guidance on the Fed's future policy stance.

Gold Price Technical Analysis


Gold prices are still inside an uptrend channel and have been hovering in a relatively narrow 1969-2049 range for 5 weeks.

If gold prices rise further in the future, the double top pattern formed by the record high of 2075 in April 2020 and the failed attempt to break through in March 2022 will attract market attention.

Conversely, if gold prices turn lower, then the 1885-1895 area appears to be the key support. The area also contains the 100-day moving average, previous lows, breakout barriers, and rising trendlines within this area, reinforcing the importance of this support area.
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The crude oil and gold markets fluctuated a lot today. Many users told me that their accounts were burned. If your funds are relatively small, I don’t recommend you to enter the market. You can wait until the market stabilizes and then join the market through analysis. The current situation is Seeing that the market is changeable, the disadvantages outweigh the advantages. The Fed's interest rate hike will affect the trend of gold and crude oil.
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The Kremlin was attacked by drone bombs, and the world war situation has entered a state of emergency. Gold, as a safe-haven asset, still rose further.
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Gold has successfully broken through 2020, which is good news for us. We will go long in 2012 and take profit in 2024, which is very good. I will continue to pay attention to market information and post it in my group.
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Still perfect today. I have taken profits in 2024, the fly in the ointment is that the short position in gold has been damaged, but it has recovered through crude oil. I will continue to pay attention to the market and bring you news in the channel as soon as possible.
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The trend of gold is still rapid, and it may usher in a further surge after the Fed's interest rate hike meeting.
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Gold swept both ends, fortunately, we made money this time.
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However, it is not recommended for everyone to enter the market. Gold is very prone to sweeping losses back and forth, and it is very dangerous to enter the market with small funds.
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