Long orders make big profits, can gold stand above 3400?

After a brief pullback adjustment earlier, the bullish momentum in the gold market has regained strength. Currently, the gold price has successfully broken through to the $3,382 per ounce level. It has not only firmly stood above the previous resistance range of $3,378-$3,380 but also continued the rebound trend that started from $3,350, with the price action showing a strong characteristic of steady upward movement.
For those who have already followed the strategy to enter long positions at key support levels (such as around $3,350 and $3,361), it is advisable to adopt a "profit-taking and position reduction" strategy at this point: it is recommended to partially close the positions first (for example, reducing 30%-50% of the positions). On one hand, this can lock in the profits already gained (the single-wave profit has exceeded $30 since the rally started from $3,350), avoiding profit retracement caused by a subsequent market pullback. On the other hand, keeping the remaining positions allows for continued participation in the pursuit of higher targets, balancing the stability of returns and the potential for further upside.
The target for the remaining positions can focus on the key psychological level of $3,400 per ounce. This level is not only an important resistance level that the market has tested multiple times in the past but also a core psychological threshold for this round of rebound. If it can break through with strong volume, it will further open up upward space, and there is a possibility of moving towards the $3,420-$3,430 range. However, it should be noted that during the gold price's assault on $3,400, close attention must be paid to changes in trading volume and market sentiment: if the bullish momentum weakens when approaching the resistance level (such as the appearance of long upper wicks on candlesticks or shrinking trading volume), further position reduction can be considered; if the breakthrough is accompanied by increased volume, the remaining positions can be held continuously to capture profits from the continued trend.