XAUUSD is showing strong momentum, with gold prices continuing to rise after successfully breaking through key resistance zones.
The author previously executed a short position at the resistance level and exited with a stop loss, incurring a loss of $17. Given that a $1 fluctuation in gold price is equivalent to a $100 fluctuation in Bitcoin, this loss is indeed regrettable.
From a fundamental perspective, in May, the Federal Reserve maintained interest rates and signaled a delay in rate hikes due to easing inflation and weak economic data.
Coupled with last week's disappointing non-farm data, market concerns over an economic recession have intensified, highlighting gold's safe-haven properties, which have shown a unilateral upward trend across the Asian, European, and American trading sessions.
Technical analysis indicates that gold prices have consecutively broken through the two major resistance levels of $3268 and $3360, recovering 61.8% of the decline since the $3500 high and reversing the previous downtrend, with the pressure at the $3100 level temporarily alleviated.
Current market conditions suggest that the $3500 level has not yet formed a long-term top, and a breakout is expected in the future. Attention should be paid to the resistance at $3420 above and the key support levels at $3320 and $3285 below.
