This morning, at the opening of the week’s first session, Gold continued its strong upward momentum, reaching a new peak around $4060/ounce.
Although there was a sharp drop earlier to $3994, this can only be seen as a profit-taking move from weekend after-hours trading, redirecting funds into Crypto to “buy the dip” following the $19 billion liquidation crash that occurred at 4 a.m. on Saturday.
Gold’s immediate rebound shows that the demand for safe-haven assets remains extremely high, and concerns about “insider trading” allegedly conducted by Donald Trump’s family during the recent Crypto crash have driven investors to actively buy Gold again for safety.
In the short term, Gold prices are expected to remain hot, and there’s a strong possibility of a sharp rally this week pushing Gold up to the $4100 level.
Technical Analysis:
In the short term, Gold’s bullish momentum remains impressive and is likely to BREAKOUT above the $4060 peak to move toward $4100/ounce => Potential BUY zones:
1: BUY at 4022 – 4029 according to the 0.5 – 0.618 Fibonacci retracement zone
2: BUY on breakout when Gold surpasses the $4060/ounce level.
Trí Hùng
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