From a technical perspective, the weekly MACD indicator shows a continuous shortening of the red bars, and the KDJ indicator has formed a death cross near 50 and is showing a downward trend, indicating that the medium-term bullish momentum has weakened. The area around $4650-$4740 per ounce is a zone of dense trading, and a significant positive catalyst is needed for a price breakout.
Gold prices surged by $100 at the start of Asian trading on Wednesday, influenced by factors such as the US-Iran ceasefire.
In the short term, however, the market will likely remain in a state of mixed bullish and bearish factors, and will probably fluctuate within the range of $4,400-$4,650 per ounce.
In summary, gold prices are slightly bullish in the short term, but this does not indicate a trend reversal. For short-term trading, consider buying in the 4610-4620 range, with a target of 4650. If the price breaks through strongly, observe the 4700 level.
Furthermore, it is crucial to monitor the strength of the upward move during the European session; if bullish momentum proves insufficient, trading strategies should be adjusted promptly.
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Gold prices surged by $100 at the start of Asian trading on Wednesday, influenced by factors such as the US-Iran ceasefire.
In the short term, however, the market will likely remain in a state of mixed bullish and bearish factors, and will probably fluctuate within the range of $4,400-$4,650 per ounce.
In summary, gold prices are slightly bullish in the short term, but this does not indicate a trend reversal. For short-term trading, consider buying in the 4610-4620 range, with a target of 4650. If the price breaks through strongly, observe the 4700 level.
Furthermore, it is crucial to monitor the strength of the upward move during the European session; if bullish momentum proves insufficient, trading strategies should be adjusted promptly.
More Strategies ➤➤➤➤➤➤➤➤◍
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