🔥GOLD CONTINUES TO REMAIN RANGE-BOUND✅✅

After experiencing a bottom-out recovery on Monday, a cross closing line appeared on Tuesday. Looking back at the trading trends in the past two days, the Asian market fell back, the European market stabilized, while the U.S. market rebounded after a second dip, rose further in late trading and broke through the high point of the Asian market. Based on this rhythm, we can consider adopting a similar strategy on this trading day. Gold prices hit a short-term high of 2431 last Friday and then plummeted, forming a 100-point downward trend. This signal indicates that gold prices will temporarily form a stagflation trend between 2400 and 2430.

The daily chart shows a cross closing line with obvious upper and lower shadow lines, indicating that there is a rebound after a decline, and a fall after an advance. This is a typical shock pattern. On Monday, we had expectations for this week's shock trend. After last week's pullback, we have emphasized the emergence of a correction week. It is expected that there will be a shock situation. Selling high and buying low around the range is the focus. What needs special attention are the two suppression points, one is 2392 and the other is 2400. When the price is close to these two positions, you can consider shorting, because it is obvious that the disk price has fallen back considerably after hitting these two positions. In terms of support, we should pay attention to the positions of 2333 and 2320. The 2320 support zone is the bottom line for bulls. If it is close to this area this week, there may also be a bottom-out rebound. Next, focus on the fluctuations between the range 2320 and 2400.

On the whole, today's short-term operation advice for gold is to mainly go short on rebounds, supplemented by longs on callbacks. The top short-term focus is on the resistance range of 2392-2400, and the bottom short-term focus is on the support range of 2345-2363.

Comment:

During the Asian trading session on Wednesday (April 17), spot gold fluctuated within a narrow range and was currently trading at $2,392.07per ounce. Affected by concerns about the geopolitical situation, spot gold once hit around US$2,398.14 per ounce on Tuesday. However, due to profit-taking by some bulls and hawkish speeches from Federal Reserve officials, gold prices gave up gains late on Tuesday and closed at US$2,382.47 per ounce. Safe-haven demand due to ongoing tensions in the Middle East offset expectations for fewer U.S. interest rate cuts this year. If the conflict in the Middle East is de-escalated, market focus will turn to the Federal Reserve, which is obviously unlikely to cut interest rates soon, which is a negative factor for the gold and silver markets.

Powell said on Tuesday that recent inflation data suggests it may take longer for the Fed to feel confident enough to cut interest rates. Powell pointed out that the Fed has lacked more progress in fighting inflation since the rapid decline in inflation at the end of last year. If price pressures persist, the Fed can keep interest rates unchanged "for as long as necessary." Affected by the hawkish speech of Federal Reserve officials, the U.S. dollar index continued its gains on Tuesday, hitting a five-and-a-half-month high of 106.52 during the session, while the U.S. 10-year Treasury bond yield hit a maximum of 4.696% on Tuesday, a new high in the past five months. This has hindered the rise in gold prices and even faced further correction pressure in the short term. And if the geopolitical situation does not deteriorate further, gold prices may face the possibility of peaking in the short term. There are few U.S. data on this trading day. You need to continue to pay attention to the speeches of Federal Reserve officials, pay attention to the Federal Reserve's Beige Book of Economic Conditions, and pay attention to further news on the geopolitical situation in the Middle East.

Comment:

Strategy 1: Go short when gold rebounds to around 2392-2395, stop loss by 6 points, target around 2380-2370, and look at the 2360 line if the position is broken;

Strategy 2: Go long when gold pulls back to around 2360-2363, stop loss by 6 points, target around 2375-2385, and look at the 2390 line if the position is broken;

Comment:

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Comment:

Comment:

📊SUMMARY SIGNAL GOLD TODAY (April 17, 2024)

🎯Sell Gold: 2391-2395
SL 2400 TP 2378 +130pips✅

🎯Buy Gold: 2380-2383
SL 2375 TP 2393 +110pips✅

🎯Sell Gold: 2391-2395
SL 2400 TP 2380+125pips✅

💟3signals: 3win
💟Total profit: +365PIPS

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