https://www.tradingview.com/x/6k7hfl1x/
News：
Gold prices extended last week’s gains during Asian trading on Monday, reaching a record high of $4,085. Markets are flocking to safe-haven assets amid the prolonged US government shutdown and renewed global trade tensions.
At the same time, investors widely expect the Federal Reserve to cut interest rates twice more this year, further weakening the dollar’s appeal and driving gold prices higher.
Last Friday, US President Trump announced a 100% tariff on Asian exports, effective November 1st, and plans to implement new software export controls.
Asian countries expressed strong dissatisfaction and warned of potential retaliatory measures. Although Trump later softened his tone on social media, stating that he “did not wish to harm Asian countries,” the market believes this “softening” will only temporarily boost risk sentiment.
Furthermore, the US government shutdown entered its third week, with Congress still unable to reach a budget agreement. Thousands of federal employees have received payroll notices. This has heightened concerns about an economic slowdown and further increased market demand for safe-haven assets.
Geopolitically, Trump hinted at providing Ukraine with long-range Tomahawk missiles to enhance deterrence against Russia, further escalating geopolitical tensions and providing additional support for gold prices.
Specifically:
From a daily technical perspective, gold prices are steadily climbing along a multi-week uptrend line, breaking through the previous high of $4,050 and setting a new all-time high. The current price is trading above the 5-day and 10-day moving averages, indicating continued bullish momentum.
The MACD indicator maintains a broadening red bar chart, and the RSI remains in overbought territory, suggesting a possible short-term technical correction.
Overall, gold prices remain volatile and upward.
From a one-hour perspective, the current downside focus is on short-term support at 4055-4060, with a particular focus on the key support level at 4000. The bullish rally is strong and has no end in sight. The primary strategy is to buy on dips, patiently waiting for key entry points. I’ll provide detailed trading strategies in the channel, so stay tuned.
Trading strategy:
Buy: 4055-4060, SL: 4040, TP: 4100-4120
