Gold price target of 3500 on Monday?

Gold price target of 3500 on Monday?

Middle East is in turmoil again, tense situation
On Thursday and Friday, gold price took the opportunity to rise, forming a sharp upward trend, and is currently hovering around the previous pressure level of 3440;

1: Technical aspect: hovering around 3440 in the short term, but after the fermentation over the weekend, the probability of gold price hitting 3500 or even breaking through next week continues to increase.

2: Fundamentals: This is an important risk event over the weekend and also an important risk event in the near future; the current exchange of fire between Iran and Israel has inevitably intensified the trend of conflict and contradiction; there are too many uncertainties and interference factors in the future development direction of the situation;


1: The latest news is that Iran has sent ballistic missiles to Israel to respond; next week, the gold and crude oil markets may continue to be boosted by risk aversion, forming a strong upward trend;

2: Possible future trends:

A: The incident escalates directly; it has already occurred; proxy war; through the response to the incident, the forces such as Hezbollah in Lebanon and Houthi armed forces in Yemen are reactivated to engage in multi-line confrontations and form a multi-line pincer attack on Israel;

B: The United States intervenes militarily, and neighboring countries indirectly participate in the war, forming two strong confrontations; the forces of all parties Powers are playing games behind the scenes; China and Russia use strategic containment, diplomatic mediation and other means;


Impact on the global market:

1: Breaking the balance of the crude oil market; if the Strait of Hormuz is completely blocked, there is a high possibility that oil prices will soar directly in the future;

2: The impact on the financial market and regional economy is great, and the financial markets of Iran itself and neighboring countries will face risks; at the same time, global risk aversion is further intensifying, and gold, as a natural safe-haven currency, is bound to become a support level;

Summary: On the disk, it is still bullish next week, and the main operation is to follow the trend;

At the same time, the war in the Middle East is still the core of the entire market; the support level on the disk is 3400-3300 points, and the only pressure level above is 3500 points;

The trend line begins to break through and stabilize near 3500, so just follow the trend!