GOLD: Risk aversion surges, preparing to attack 1960?
Fundamentals:
Due to the successive bankruptcies of two banks, including Silicon Valley Bank, market risk aversion has skyrocketed, leading to a large influx of funds into safe-haven assets such as gold, thus pushing up the price of gold. Such events have occurred frequently in the near term, and it is clear that short-term risk aversion is unlikely to dissipate.
Technical analysis:
The weekly MACD momentum green bar has seen a second surge, with a possibility of breaking through the previous high, and the 4-hour chart is also strong.
Trading strategy:
Medium-term bullish outlook with the first target at 1917. If it can break through and stabilize, it may reach 1933, and if it further breaks through, it may reach the previous high near 1960. Buying on dips is the main strategy.
GC1!
GOLD1!
XAUUSD1!
CURRENCYCOM:GOLD
Due to the successive bankruptcies of two banks, including Silicon Valley Bank, market risk aversion has skyrocketed, leading to a large influx of funds into safe-haven assets such as gold, thus pushing up the price of gold. Such events have occurred frequently in the near term, and it is clear that short-term risk aversion is unlikely to dissipate.
The weekly MACD momentum green bar has seen a second surge, with a possibility of breaking through the previous high, and the 4-hour chart is also strong.
Trading strategy:
Medium-term bullish outlook with the first target at 1917. If it can break through and stabilize, it may reach 1933, and if it further breaks through, it may reach the previous high near 1960. Buying on dips is the main strategy.
GC1!
GOLD1!
XAUUSD1!
CURRENCYCOM:GOLD
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