GOLD short-term intraday analysisThe central bank's continued gold purchases, rising risk aversion and relatively low real interest rates will continue to attract funds into the precious metals market. Gold prices fell on a new profit-taking as traders chose to cash out before the release of the crucial US NFP employment data. Given the increased risk of recession, the NFP data will help provide more clues to the Fed's interest rate outlook.
The volatility of gold is really getting bigger day by day, with a single-day fluctuation of several hundred US dollars. The decline is always faster and more fierce than the rise. After breaking the 3100 dividing line, it accelerated downward. Yesterday's lowest was 3054. The key position below is 3033/3054. Note that you can also participate in long positions at key support positions under the plunge, but you must be patient and wait for the position.
The gold 1-hour moving average still shows signs of turning downward, but the rise of gold in the US market did not allow the gold 1-hour moving average to enter a dead cross pattern. Although gold bulls rebounded strongly, it was also stimulated by risk aversion news. However, gold continued to fall after rising, and gold began to return to volatility. In the short term, gold is supported near 3078!
Now that gold has fallen below the support near 3100 again, the gold bears are still more dominant in this tug-of-war. Today is the NFP data day. Overall, the impact of the NFP data is expected to be eclipsed. More importantly, the stimulus of risk aversion news.
Key points:
First support: 3085, second support: 3078, third support: 3054
First resistance: 3120, second resistance: 3135, third resistance: 3167
Operation ideas:
Buy: 3078-3082, SL: 3068, TP: 3100-3110;
Sell: 3132-3135, SL: 3144, TP: 3110-3100;
