Gold prices continue to rise, showing strong momentum.GoldOANDA:XAUUSDFreja_rbGold prices continue to rise, showing strong momentum. -------------------------------------------- On Friday, spot gold extended its intraday gains to 1% at $3,684.975 per ounce. 1: Middle East tensions: Geopolitical events such as the Israeli airstrike on Qatar boosted market demand for safe-haven assets. 2: A Russian drone entered Polish airspace, escalating tensions in Europe and further enhancing gold's safe-haven appeal. 3: The EU announced sanctions against Israel, increasing market uncertainty. 4: The Federal Reserve cut interest rates by 25 basis points, meeting market expectations, but internal divisions widened. Chairman Powell described the rate cut as a "risk management" measure and remained concerned about the labor market and stagflation risks. 5: The US dollar index fluctuated sharply after the rate cut, first falling to a 10-week low before quickly rebounding back to 97, weighing on gold prices. ------------------------------------------------------------------------------ Technical Analysis: Upper Resistance: Strong resistance at $3690-3700 Core Support: Medium support at $3655-3664 Key Defensive Support: Strong support at $3627-3635 Historical High: Psychological resistance at $3707.40 ---------------------------------------------------------------------------------- Trend Analysis Short-term Trend: Gold prices encountered resistance above $3700 and quickly retreated, forming a high-level range in the short term. 4-Hour Chart Analysis: Gold prices continue to rise, and the moving averages have formed a golden cross again, indicating a strong trend. Support and Resistance: Lower Support: Watch $3640 (weekly low). If it falls below, it could retest the $3610-3620 area. Upper Resistance: $3685-3700. A break above this level could lead to a new high at $3730. Investor Sentiment: Market bullish sentiment on gold remains unchanged, with several institutions believing the price could break through $4,000 by year-end. Interest Rate Cut Expectations: Although the market has already priced in the impact of the Fed's first rate cut, further rate cuts in October and December are likely, which is expected to continue to support gold prices. -------------------------------------------------------------------------------- Trading Recommendation: (Conservative Strategy), Go Long at Low Prices. Short-term trading is recommended within the $3,660 to $3,685 range. Long positions can be initiated if prices retreat to $3,660 to $3,650, while profit-taking can be considered if prices rise to between $3,685 and $3,700. Conclusion: The gold market is currently experiencing significant volatility, with geopolitical risks and Fed policy being the primary drivers. From a technical perspective, gold prices are facing resistance near $3,700, but the overall trend remains bullish. Key support and resistance levels should be closely monitored, a range-bound trading strategy should be adopted, and global economic data and geopolitical developments should be closely monitored.