Gold carnival more than! Overbought state of a new round of bull market? 2030 10,000 dollar target price can be expected?

Daocheng Technology Financial News - Friday (April 5th),Gold priceSet a new all-time high again, reaching 2328.14 per ouncedollarThe rally was supported by a number of factors, including market concernsUnited StatesExpectations of interest rate cuts, speculative buying, and central bank buying. Despite U.S. economic data showing that in Marchnon-agriculturalJob growth was strong, but that did not affect gold's upward momentum.

(Gold price daily chart)

Market observers pointed out that capital inflows continued to increase, and all parties were chasing highs. Central bank buying and speculative buying also boosted gold prices. Even though the US Labor Department released a jobs report showing that 303,000 jobs were added last month, exceeding expectations,Federal ReserveChairperson Powell also reiterated that there is no rush to lower borrowing costs.

Bart Melek, head of financial commodities strategy at Daocheng Technology, believes that some investors may have taken short covering when gold prices fell, and technical indicators have also pushed gold prices above the $2,300 resistance level. Meanwhile, hedge funds and fund managers have reached their highest level of bullish bets on gold in four years.

kaolingfuturesDavid Meger, head of metals trading, said that while inflation concerns remain later this year, this still has a potentially positive impact on the gold market. Currently, traders expect a roughly 59% chance that the Federal Reserve will cut interest rates in June, with lower rates making the opportunity cost of holding gold lower.

existtechnical analysisOn the one hand, although gold is in a short-term overbought state and the price may fall back, in a strong bull market, the price may continue to rise despite the overbought situation. Technical analyst AG Thorson pointed out that gold is in the beginning stage of a new bull market, which is expected to continue until the 2030s, and will eventually reach the long-term target price of $8,000 to $10,000.

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