May 21th Gold Trading

The news of the death of the Iranian President has exacerbated regional tensions, leading to a rise in gold prices due to increased safe-haven demand. Gold surged to a historical high of $2450.11 per ounce during Monday's session; however, comments from Federal Reserve Vice Chairman Bostic pressured gold prices. The future outlook suggests maintaining a bullish stance on gold prices, with the possibility of aggressive trading within a high range and opportunistic buying and selling.

Trading Strategy:

1. Short-term trading within the small range of 2423.0 - 2438.0 and the larger range of 2403.0 - 2449.0. Engage in range-bound trading with opportunistic buying and selling.
2. open long positions near 2425.0. SL: 2421.0. Targets: 2432.0 - 2436.0.
3. open short positions near 2438.0. SL:2442.0. Targets: 2428.0 - 2423.0. Breaking below may test support near 2413.0.
4. open long positions near 2405.0. SL:2397.0. Targets: 2413.0 - 2423.0. Breaking above may test resistance near 2438.0. (Overnight, gold prices displayed significant volatility, indicating extreme market instability. Any situation may arise at any time, so it's advisable to strictly control risks, closely monitor price changes, and adjust trading strategies promptly.)



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