Gold successfully regained the $1900 level under the push of various news. As of now, the follow-up handling of the SVB bankruptcy event only protects depositors without being responsible for the rights of shareholders and creditors. Following SVB, First Republic Bank also faced a run on its deposits, with its stock price falling more than 70% before trading was suspended yesterday. Prior to the suspension, the stock had fallen more than 60%. After opening yesterday, Cathay Pacific Wealth Management also fell by as much as 25%. 325 venture capital firms and 650 company founders issued a joint statement calling for the government to prevent disaster from happening, stating that Silicon Valley Bank must not fail. There has been no response yet.
Gold is under pressure today, fluctuating around the resistance level near 1914. From a technical perspective, the MACD on the 30-minute chart is about to form a golden cross, and the K-line is between the upper and middle bands of the Bollinger Bands, with a trend towards approaching the 1918 level, which is our first target for today.
On the 1-hour chart, the MACD indicator has formed a death cross and is currently showing signs of a turnaround. The K-line is near the middle band of the Bollinger Bands, and the upper band resistance is near 1919. Starting from near 1810, the K-line has been supported by the middle band and has been trending upwards. As long as it does not fall below the middle band, the trend is still biased towards the upside.
Therefore, I believe that today's trading is still suitable for focusing on buying on dips. Pay attention to the support levels of 1900, 1883, and 1865, and the resistance levels near 1918, 1931, and 1958.
Specific trading strategies:
The first buy point is around 1900-1906, and the second buy point is around 1890. If the resistance near 1914 is broken, 1910-1915 will become support levels and can be used as buy points.
The target levels are 1918, 1931, and 1958.
Thank you for your attention and support. Please also pay attention to the real-time updates below. The market is constantly changing, and I will adjust my strategies in real-time.
