in the Asian market on Friday (April 11), spot gold was trading around 3185.07. Gold prices rose nearly 3% on Thursday, hitting a record high of 3190.52. The decline of the US dollar and the escalation of the trade war pushed investors to safe-haven gold.

In the short term, geopolitical uncertainty still exists. The Federal Reserve is still in a loose interest rate cut cycle, especially the credit of the US dollar is still discounted. Most central banks are likely to continue to increase their gold reserves, and the possibility of gold prices continuing to strengthen is high.

From the daily level of spot gold, after this week's continuous rise, the current gold price has successfully returned to above the 3100 mark, and it is also close to the historical high. According to the current market fundamentals, there is a great chance that it will hit the 3200 line again in the short term. It can be seen that the bullish force is still quite obvious, but the moving average group has not yet formed a bullish arrangement, and the MACD indicator is still in the process of dead cross, so it may not release too much space at the end of the week.

From the 4-hour level of spot gold, although the gold price had a deep correction and fell below the support of 3000, after forming a double bottom structure below, it has become an obvious reversal signal, and it also helped the price return to above the short-term moving average. In addition, the MACD indicator also successfully broke through the 0 axis, indicating that it has returned to the long market. Once the market breaks through and stabilizes at 3150, there is a chance to continue the strong momentum. Therefore, it is recommended to keep buying on dips. Pressure: 3180-3190-3200 Support: 3165-3158-3150.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.