Great Road Law of Nature: XAU Evening Review | After a surge to 4420, it fluctuates; in the evening, we continue to look for continuation based on short-term average support
The bullish trend in gold anticipated in the morning has arrived as expected, with the gold price not only stabilizing at 4380 but also surging to a peak of 4420.36. It currently retraces and fluctuates around 4410.52/4410.45, with macroeconomic benefits and technical breakouts resonating, further strengthening the short-term bullish trend.
On a macro level, the US dollar index continues its weakness throughout the day, with the dual driving forces of interest rate cut expectations and geopolitical risk aversion still not fading. Funds continue to flow into the gold market, becoming the core driving force for price breakthroughs. From a technical perspective, after breaking 4380, the gold price did not show an effective pullback and directly launched into a short squeeze, rising from a low of 4306.65 to a high of 4420.36, with a one-sided increase of over 110 dollars. The short-term MA7 and MA20 have formed a golden cross support, fully opening the upward structure.
In terms of operations: Holding long positions: Move the stop loss up to below 4400, with a target looking for a breakthrough above 4420, holding positions until 4430-4440;
New position entry: Refuse to chase high, wait for a pullback to stabilize in the 4400-4410 range before lightly going long, adding near 4395-4390, with a stop loss below 4385. $XAU
