Market news:
Gold prices in London hit a record high on Friday as U.S. President Trump’s latest tariff policy sparked concerns about a global trade war, with investors flocking to safe-haven assets. Spot gold climbed 0.9% to its 18th record high of $3,086 this year. It rose 2.02% this week, rising for the fourth consecutive week.This round of international gold’s rise is driven by market concerns that President Trump’s new round of reciprocal tariffs, which will take effect on April 2, will push up inflation and undermine the stability of global trade. Gold prices have risen 2% this week and are expected to rise for the fourth consecutive week as investors turn to safe-haven assets amid growing uncertainty about the direction of U.S. policy.Next week will be Trump’s tariff week, and countries are currently relatively tough. According to CCTV, Mexican President Sheinbaum said on March 28 local time that he opposed the United States’ unilateral imposition of a 25% auto tariff. Mexico is developing comprehensive responses to strengthen the national economy and respond to unilateral behavior, while the negotiation process with the United States continues, striving to ensure stable employment and maintain investment while avoiding damage to U.S. and Canadian interests.
Technical Review: Gold has a high probability of rising overall on Friday due to the combined effect of market sentiment and capital flows in the evening. However, the market feedback after the release of PCE inflation data was poor, and the data was bearish. Gold failed to break through the high point and set a new high. Although the gold price rose and broke through the high point during the ten o’clock period, it was just a puncture! In the current market, perhaps the market needs further adjustment! Gold broke through the new high in the US market and fell back. It is not meaningful to chase high again on Friday night. It may rise and fall at any time. After all, gold may start to adjust at any time after rising today. The one-hour line rose twice to touch the high point of 3086, which will be the key resistance level. It is obvious that the gold price did not stand above 3086. Both times it fell rapidly after touching it. Before the gold price stood above 3086, it looked for adjustments during the session. The range was 3066-3086. Gold may have a double top starting from 30 minutes. Don’t chase more for the time being. If you want to go long, wait patiently for a fall, otherwise the adjustment range at the high level may also be large.
Analysis for next week:
Gold is still just adjusting for now. Gold started to rise again in the second half of the night. Gold bulls are still relatively strong. There will be more gold if it falls back next week. After all, gold bulls are strong now. However, don’t chase more at high levels. Wait for it to fall back before buying more. Gold is still arranged with a golden cross upward bullish divergence in 1 hour. After the adjustment, gold bulls did not weaken, but continued to be strong. Then the decline of gold is just an adjustment. Gold will continue to buy after the adjustment next week. Gold hit the bottom of 3067 in the US market on Friday and then rose again. The gold moving average now supports the line around 3072. In this range, gold is still in the support area. So buy on dips when it falls back to 3070 next week.
Operation ideas:
Buy short-term gold at 3070-3073, stop loss at 3062, target at 3090-3100;
Sell short-term gold at 3103-3105, stop loss at 3114, target at 3080-3070;
Key points:
First support level: 3072, second support level: 3065, third support level: 3055
First resistance level: 3092, second resistance level: 3105, third resistance level: 3118