Gold price current support level: $4770-$4775
Federal Reserve Chairman Powell will speak today.
Currently, gold prices are hovering around the important psychological level of $4800, and market sentiment is expected to be quite sensitive.
The ongoing tensions between the US and Iran, with Trump’s naval blockade of Iran already in effect, are providing continued safe-haven support for gold.
We only need to understand that as long as the situation does not significantly ease, buying pressure on gold prices will be relatively strong.
Key event: The market will closely watch Powell’s latest remarks on inflation, the impact of tariffs, and the path of interest rates.
Trading strategy:
Focus on the battle for the $4800 level.
1. As long as the gold price remains above $4800 (consolidating within the $4775-$4815 range):
Buy Price: $4790-$4800
Stop Loss: $4770
Take Profit: Above $4850-$4865-$4900
Trading Recommendation: A buy-on-dips strategy is recommended.
We await Powell’s speech for a clearer signal.