Enze: Gold Breaks Out Strongly and Rises! Clear Bullish Trend, Latest Trading Strategy

Yesterday, the gold market continued its upward trend. It opened at 4668.5, pulled back to 4660.2, then surged strongly, with the daily high reaching 4693.5. It ultimately closed at 4758.3, ending with a long upper shadow and a large bullish candle. Given this pattern, the current market may continue to strengthen after a pullback.

News:
Multiple U.S. data exceeded expectations, including ADP employment, manufacturing PMI, and retail sales, all showing strong performance; the U.S. president is expected to announce the end of the Iran conflict today. Focus on his speech and tonight’s initial jobless claims and trade balance data.

Due to geopolitical factors, crude oil prices plunged at one point, while gold benefited from safe-haven sentiment and surged strongly. Currently, gold is in a robust upward trend, having broken through the key resistance level at 4720. This level has now turned into a strong support. The 4720-4740 zone is a potential buy area after a pullback. It is expected that gold will slightly retrace before continuing upward, with an upper target of 4850, and further potential to break through 4900.

Trading Strategy: Go long in the 4720-4740 range, add positions around 4700-4680, with a stop loss below 4676. Take profit near 4850-4900.

Reminder:
The above analysis is Enze’s personal view. Markets are constantly changing, so this is for reference only and does not constitute any investment advice!