Whether gold can hold steady at 3400 is the key

28 ago

The current market is bullish, primarily due to the developments surrounding Trump's proposed firing of Cook. Of the seven members of the Federal Reserve Board, three already support a rate cut: Bowman, Milan, and Waller. With the addition of another supporter, Trump's goal would be achieved. If Cook were to be fired and a more compliant candidate were to be promoted, the rate cut would be achieved, but the Fed's independence would also be undermined.

The dollar, US stocks, and US Treasuries would all be affected, and gold, the best safe-haven asset, would inevitably soar.

Today, we're focusing on two levels: 3400 and 3380.

If gold can stabilize above 3400 XAUUSD , it's likely to head towards 3430-3450. At that point, you could consider buying around 3400.

Conversely, if it can't hold above 3400, it could test support at 3380. As long as it doesn't fall below 3380, it would be a good buying opportunity.

Good luck to everyone💪

📣If you have different opinions, please leave a message below to discuss

29 ago

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