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Deep Gold Price Correction Could End as Risk Aversion Surges
Summary:
President Biden of the U.S. has authorized Ukraine to utilize U.S.-supplied long-range missiles to strike deep into Russian territory. In response, Russian President Putin has revised his nuclear deterrence policy, lowering the threshold for the use of nuclear weapons. This has led to a surge in market risk aversion, resulting in a continuous rise in gold prices.
PENDING
2605.00
Entry Price
2696.00
TP
2560.00
SL
2660.93 +10.88 +0.41%
--
Pips
PENDING
2560.00
SL
Exit Price
2605.00
Entry Price
2696.00
TP
Fundamentals
This Monday, gold opened significantly higher and has experienced a substantial increase over the past two trading days, with a rise exceeding US$80.
The surge in gold prices can be attributed to the escalating conflict between Russia and Ukraine, which has heightened market concerns regarding the potential for nuclear warfare, thereby intensifying risk-averse sentiment and driving gold prices upward.
Over the weekend, U.S. President Biden "authorized" Ukraine to utilize U.S.-supplied long-range missiles to target deep within Russian territory. Following this authorization, Ukraine launched tactical missile strikes against Russia's interior on Tuesday.
In response, Russian President Putin signed a decree approving a revised fundamental policy on Russia's nuclear deterrence, which lowers the threshold for the use of nuclear weapons as a countermeasure.
Additionally, while there is a ceasefire proposal agreed upon by Lebanon and Hezbollah, uncertainties in the Middle East continue to fuel market demand for safe-haven assets.
Goldman Sachs has projected that by the end of next year, gold prices will rise to US$3,000 per ounce.
Technical Analysis
In the 4H timeframe, gold has stabilized and rebounded above the critical support level of US$2530.00 after a significant pullback. The ongoing increase in both dip buying and safe-haven purchases has begun to drive gold prices higher, resulting in a substantial rise of over US$80 across two consecutive trading days. Meanwhile, the price has broken above the short-term downtrend line, indicating a potential return to an upward trend.
Currently, gold prices are facing resistance at the US$2640.00 level, which may lead to a slight downward correction. The initial target for this pullback is set at US$2590.00, and it is recommended to go long after the price stabilizes near the support level.
Trading Recommendations
Trading Direction: Buy
Entry Price: 2605.00
Target Price: 2696.00
Stop Loss: 2560.00
Deadline: December 4, 2024 15:00:00
Support: 2618.76, 2600.00, 2578.75
Resistance: 2641.65, 2656.20, 2710.74
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