【Gold Strategy】As Safe-Haven Demand Increases, Gold Reaches Record Highs
Fundamental Analysis: Technical Analysis: Trading Suggestion: Enter a long position below 3035.99, with a stop loss at 3022.80 and a target at 3057.32 (spread calculation should be done accordingly). Support Level: 3022.80 🔺 This content is for reference only and does not represent the platform's stance. Always stick to your strategy and manage your risks accordingly.
Recently, Israel's attack on the Gaza region led to the collapse of the ceasefire agreement, stimulating a renewed demand for safe-haven assets. Additionally, with tariff policies set to take effect in April, the market continues to face uncertainties, driving funds into gold. Under these circumstances, gold is expected to have further upside potential. The bullish trend remains strong, and investors can consider positioning accordingly.
On the 1-hour chart, the latest upward wave has broken above the previous descending wave's high, indicating a potential shift to a bullish trend. The 61.8% Fibonacci retracement level of the current upward wave acts as support. It is ideal to go long here, but if the price breaks below the previous low, the trend may change, and a stop loss should be set. The target is the previous high where the uptrend had previously halted.
Resistance Level: 3057.32
