The situation escalates. Will the price of gold continue to riseEvent summary:
On June 13, Israel launched an air operation codenamed "Lion Rising" against Iran. So far, five rounds of air strikes have been launched.
As the situation in the Middle East escalates, gold has risen again due to risk aversion, directly breaking through 3,400. Gold risk aversion has increased, and there is no sign of easing for the time being, so gold risk aversion continues to rise, and gold prices are expected to continue to rise. Under the blessing of risk aversion, gold bulls have begun to dominate again.
Market analysis:
The 1-hour moving average of gold has formed a golden cross and formed an upward trend. The upward momentum of gold is getting stronger and stronger. In the early Asian session, it once surged above $3,440, only $60 away from the historical high of 3,500. The outbreak of risk aversion is entirely the release of accumulated kinetic energy. Only when it is fully released can the strength of gold bulls weaken. The decline of gold means going long. If the price of gold falls back to the support level near 3,400 during the Asian session, buy on dips.
Focus position:
First support level: 3405, second support level: 3390, third support level: 3380
First resistance level: 3440, second resistance level: 3450, third resistance level: 3470
Operation strategy:
Long strategy: Buy near 3405, stop loss: 3395, profit range: 3430-3450;
Short strategy: Buy near 3455, stop loss: 3465, profit range: 3400-3380;
If you want to trade aggressively, you can buy at the current price and wait for the price to reach a high point near 3350.
