Oh my god, I woke up to find that the price of gold has plummeted again. Fortunately, we stopped our losses at 4450, otherwise the losses would have been even greater. I just checked the gold price. It touched a low of 4100. The current price is 4264.
Amidst the escalating geopolitical tensions, the probability of interest rate hikes by central banks worldwide has increased. Asian and European stock markets opened with a sharp drop. The low of $4100 broke the new low since November. Inflation is strengthening from its nascent state, and oil has once again received a significant boost. The reason it hasn’t risen sharply yet is because the market still has some undigested energy reserves.
The current gold price is 4247. Based on the situation, the New York market may continue to test the 4000-4050 price range. Therefore, the trading strategy still recommends shorting at higher levels.
Sell at 4300-4350, target 4150-4100.