Friday (April 18) was closed this week due to Good Friday in the United States, so this week closed early on Thursday. After spot gold hit a record high of $3,357 on Thursday, it fell slightly during the U.S. trading session, down 0.48%, and finally closed at $3,327. Despite the short-term correction during the day, the cumulative increase in gold prices this week was still more than 2%, and the strong pattern remained stable. The correction was mainly attributed to the approaching Good Friday, and some investors chose to take profits, which put pressure on gold prices.

However, the market generally expects that any deep correction will attract new buying, because the uncertainty of the global economy in 2025 will still provide strong support for the safe-haven properties of gold.

Gold prices opened higher on Thursday, and after hitting a record high of $3,357 again, gold prices ushered in a retracement. For the current market, the only effective trading strategy is to go long on the decline and continue to be bullish. If there is no adjustment and decline, it is better not to trade. But more importantly, pay attention to the changes in the market.

The operating idea is still to maintain the principle of following the trend. Pay attention to the support level of 3290 and 3280 when stepping back below. If it does not break, continue to see a strong rise. If it breaks, the market will turn to shock. If it falls below 3280, gold may accelerate its decline. Therefore, do not be overly bullish on gold in the short term. In addition, Friday is Good Friday, and the US market will be closed for one day. Beware of the risk of closing long positions after profit-taking.

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.