What everyone needs to pay attention to in the near future is further news on the situation in the Middle East and economic data from the United States. The geopolitical situation has slowed down. For the time being, Israel, Iran, and Hamas have no radical actions or battle plans. The market is a little calm, and the safe haven of gold is not so obvious. In terms of U.S. data, all data are looking for a slowdown in the U.S. economy. There is no clear result yet on the plan that will be enough to further reduce inflation. Today we need to pay attention to the performance of the initial monthly rate of durable goods orders in the United States in March. The current market expectation is for a month-on-month increase of 2.5%, which is slightly negative for gold prices.
Yesterday, gold reached a low of 2291 and closed at 2322, indicating strong support below. Today we will temporarily treat it as a range, with a large range of 2290-2350 and a small range of 2300-2344.
Above 2300, gold is still in an upward trend, but it is a weak trend, so buying is still the main trend, and selling needs to be cautious.
I marked the support and resistance on the chart. You can buy in the support range or sell in the resistance range. Arrange your transactions reasonably according to your own funds.
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