Gold markets have initially fallen during the trading session on Tuesday but turned around as the US dollar got hit and of course the fear factor is still strong out there around the world. There are plenty of reasons to suspect that the coronavirus numbers are only going to get worse, and of course central bank monetary policy loosening will continue to be a major feature globally. With this, I think it is only a matter of time before we see gold rally yet again and a break above the top of the daily range certainly would be a positive sign. At that point, it is likely that we would revisit the recent highs at the $1830 level.
Longer-term, I believe that gold goes all the way to $2000 but it is going to take a lot to get there. If you are more of an investor, that will be your target. If you are a trader, you are simply looking for short-term pullbacks that you can take advantage of as value opportunities. Gold has been in an uptrend for quite some time, and of course the entire world is paying attention to it. This is probably the “easiest trade” out there. With central banks loosening monetary policy in a world of uncertainty, that is a bit of a perfect mix for gold. Furthermore, I think the $1800 level offers a certain amount of psychological support, and the 50 day EMA is just below at the $1750 level offering the same.
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