Market news:
Gold prices fell nearly 2% on Friday, hitting a one-month low. Optimistic trade-related agreements boosted risk appetite and weakened the attractiveness of spot gold as a safe-haven asset. In addition, this week, Federal Reserve Chairman Powell testified in Congress and once again maintained a patient attitude, which aroused Trump's dissatisfaction, causing Trump to consider or announce Powell's successor in advance. Related news may gradually unfold next week, causing market concerns and affecting the trend of London gold prices. Against the backdrop of progress in US-China trade negotiations and cooling of global risk aversion, the traditional safe-haven appeal of international gold continues to weaken. At the same time, the latest US data showed that the US dollar index rebounded slightly, and speculative long positions in the gold market also fell significantly, and market sentiment tended to be cautious. The key to the weakening of gold prices lies in the recent signs of easing in the global trade situation. Next week, the market will welcome the group talks of the presidents of the major central banks in the world (Fed Chairman Powell, European Central Bank President Lagarde, Bank of England Governor Bailey, Bank of Japan Governor Kazuo Ueda, and Bank of Korea Governor Lee Chang-yong). The market will also welcome non-agricultural data, and Powell's remarks on whether to resign may ignite the market next week!
Technical Review:
From the current market, gold continues to fall, and the low point is refreshed. The signal that gold is heading towards an extremely weak pattern is getting stronger and stronger. In addition, the recent easing of the situation makes me more convinced that selling has the capital to test the 3250-3245 area. From a technical point of view, the big negative of the daily line drives the short-term moving average and the lower Bollinger track to continue to extend downward. At present, strong resistance is formed at the 3285 and 3300 levels respectively. In conjunction with other periodic indicators to maintain the selling arrangement, the macd indicator maintains the dead cross pattern and the volume is released downward, so the overall daily line can be expected to sell further to test the low point. With the weakness of the rebound and the short-term downward extension to, it is enough to reflect the strength of selling. In addition, other periodic indicators maintain the selling arrangement, the Bollinger Bands are intensified downward as a whole, and the MACD indicator continues to decline and increase in volume, so the 4-hour level is still dominated by selling.
Next week's analysis:
Next week's operation suggestion is to maintain the idea of selling at high prices as the main idea, and buying at low prices as the auxiliary idea; for resistance, pay attention to 3277 first, and then pay attention to the 3288-3290 area. The former is regarded as the key to selling and exploring the low point, or even breaking 3255, and the latter is a strong defense for selling in the short-term shock trend. In other words, selling below 3277 can complete the intraday low or new low in the short term!Selling below 3290 is still expected to test the new low, but the time period will be extended. As for support, focus on the previous low of 3245. It is expected that the gold price will approach or touch it with a high probability, but whether it can break directly needs to be judged according to the actual trend, so it is best to wait for it to touch or break it once before taking the long position.
Operation ideas:
Buy short-term gold at 3253-3255, stop loss at 3244, target at 3280-3300;
Sell short-term gold at 3286-3289, stop loss at 3297, target at 3250-3230;
Key points:
First support level: 3262, second support level: 3245, third support level: 3218
First resistance level: 3288, second resistance level: 3300, third resistance level: 3315
Gold prices fell nearly 2% on Friday, hitting a one-month low. Optimistic trade-related agreements boosted risk appetite and weakened the attractiveness of spot gold as a safe-haven asset. In addition, this week, Federal Reserve Chairman Powell testified in Congress and once again maintained a patient attitude, which aroused Trump's dissatisfaction, causing Trump to consider or announce Powell's successor in advance. Related news may gradually unfold next week, causing market concerns and affecting the trend of London gold prices. Against the backdrop of progress in US-China trade negotiations and cooling of global risk aversion, the traditional safe-haven appeal of international gold continues to weaken. At the same time, the latest US data showed that the US dollar index rebounded slightly, and speculative long positions in the gold market also fell significantly, and market sentiment tended to be cautious. The key to the weakening of gold prices lies in the recent signs of easing in the global trade situation. Next week, the market will welcome the group talks of the presidents of the major central banks in the world (Fed Chairman Powell, European Central Bank President Lagarde, Bank of England Governor Bailey, Bank of Japan Governor Kazuo Ueda, and Bank of Korea Governor Lee Chang-yong). The market will also welcome non-agricultural data, and Powell's remarks on whether to resign may ignite the market next week!
Technical Review:
From the current market, gold continues to fall, and the low point is refreshed. The signal that gold is heading towards an extremely weak pattern is getting stronger and stronger. In addition, the recent easing of the situation makes me more convinced that selling has the capital to test the 3250-3245 area. From a technical point of view, the big negative of the daily line drives the short-term moving average and the lower Bollinger track to continue to extend downward. At present, strong resistance is formed at the 3285 and 3300 levels respectively. In conjunction with other periodic indicators to maintain the selling arrangement, the macd indicator maintains the dead cross pattern and the volume is released downward, so the overall daily line can be expected to sell further to test the low point. With the weakness of the rebound and the short-term downward extension to, it is enough to reflect the strength of selling. In addition, other periodic indicators maintain the selling arrangement, the Bollinger Bands are intensified downward as a whole, and the MACD indicator continues to decline and increase in volume, so the 4-hour level is still dominated by selling.
Next week's analysis:
Next week's operation suggestion is to maintain the idea of selling at high prices as the main idea, and buying at low prices as the auxiliary idea; for resistance, pay attention to 3277 first, and then pay attention to the 3288-3290 area. The former is regarded as the key to selling and exploring the low point, or even breaking 3255, and the latter is a strong defense for selling in the short-term shock trend. In other words, selling below 3277 can complete the intraday low or new low in the short term!Selling below 3290 is still expected to test the new low, but the time period will be extended. As for support, focus on the previous low of 3245. It is expected that the gold price will approach or touch it with a high probability, but whether it can break directly needs to be judged according to the actual trend, so it is best to wait for it to touch or break it once before taking the long position.
Operation ideas:
Buy short-term gold at 3253-3255, stop loss at 3244, target at 3280-3300;
Sell short-term gold at 3286-3289, stop loss at 3297, target at 3250-3230;
Key points:
First support level: 3262, second support level: 3245, third support level: 3218
First resistance level: 3288, second resistance level: 3300, third resistance level: 3315
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.