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Gold market plain talk: Don't be scared by the early dip, support is still there!
Recently, gold has been like a roller coaster, mainly driven by news from the Middle East.
Trump's stance keeps shifting between hard and soft, plus April 22nd is a key date, making everyone uneasy.
Previously, gold hit 4891 but couldn't hold, and this morning it suddenly opened lower, but that was a "fake drop," quickly recovered,
showing there are still many buyers and no one wants the price to fall sharply.
Why do I say that? Mainly for two reasons:
1. Fear of war: Whether a ceasefire in the Middle East can hold is uncertain, as long as risks remain, people won't dare to sell gold,
and might even buy it as a safe haven.
2. Weak dollar: The dollar and U.S. bond yields are falling, saving money isn't as profitable as before,
making gold without interest more attractive.
The 4751 level is the "iron bottom," as long as it doesn't break below this, the upward trend remains unchanged.
The current pullback is like a runner stopping to catch their breath after running too fast.
Although technical indicators are cooling off, they haven't turned bad, and the bulls (buyers) still have strength.
So, the next strategy is simple: stay calm, stay steady.
The current market is fluctuating within the range of 4750 to 4830.
For traders, you can try to enter a position during the stabilization of the pullback, but remember to set stop-losses,
don't bet heavily on a big one-sided rise, and doing swing trading is the safest.
North side around 4735-4760, watch for 4800-4830$BTC $XAU