Gold analysis on Tuesday: Adjustment in the range of 2660-2670
Updated
Gold analysis on Tuesday: Adjustment in the range of 2660-2670
As shown in the figure:
On Monday, gold rose unilaterally by nearly 50 US dollars, and the Asian session continued to enter the market, pushing the gold price above 2670.
Gold trend high consolidation: 2660-2670 range
Today, as the US session is about to open, gold is still focusing on testing: the pressure near 2670.
Without the boost of major news events, we look at the range of intraday trading: (2670-2630)
Four-hour cycle: 2620-2660 is still the main range of fluctuations at present
Oscillation center: 2645-2650 (Ray A: Still the most effective support line at present)
After today's Asian session trend adjustment: Gold currently stands at 2660, and is accumulating momentum to fluctuate in the range of 2660-2670.
Oscillation space: Today's layout around 2670
Focus on: Support performance near 2660
Strategy:
-------------------------
Buy ideas:
Bottom support: 2650-2655
Break pressure: 2675
Upward target: 2660-2670-2675-2680
-----------------------------------------
Short ideas:
Top pressure: 2670
Break support: 2655-2650
Downward target: 2660-2655-2650-2640-2630
(1) The People's Bank of China resumed buying gold after a six-month hiatus, and the expectation of a rate cut by the Federal Reserve next week also increased bullish sentiment.
(2) The geopolitical situation also boosted safe-haven buying demand, and gold rose sharply.
(3) Investors also need to pay attention to the development of the situation between Russia and Ukraine, which may bring positive news.
(4) The peace talks on the Middle East issue now seem to be a joke. They will not last for more than two days and are all smokescreens.
Summary: After breaking the range, the market began to be bullish, and the subsequent trend is still dominated by risk aversion.
However, the overnight US dollar index and US Treasury yields rose slightly, which made gold bulls still have some concerns. The gold price is still in the range of fluctuations in the past two weeks. Before the release of the US CPI data on Wednesday, the gold price may still maintain a fluctuating bullish trend.
From a technical point of view, the market was repeatedly pulled during the Asian session yesterday, indicating that the market sentiment was very unstable, and the rebound before and after the European session was still affected by the risk aversion sentiment, not technical needs. The market retreated from 2676 to around 2660, which also shows that the momentum of market speculation on risk aversion sentiment is still difficult to maintain for a long time, but it also has an impact on intraday trading. It cannot be completely ignored, and do not participate in short-term bullishness based on this, because such news is indeed difficult to predict.
From the hourly chart, it is expected that gold will most likely maintain a short-term strong fluctuation during the day, but the space will not be large unless there is another sudden bullish news. The upper side can continue to pay attention to the 2675-80 short pressure zone, and the lower side can first pay attention to the support near 2650.
As shown in the figure:
On Monday, gold rose unilaterally by nearly 50 US dollars, and the Asian session continued to enter the market, pushing the gold price above 2670.
Gold trend high consolidation: 2660-2670 range
Today, as the US session is about to open, gold is still focusing on testing: the pressure near 2670.
Without the boost of major news events, we look at the range of intraday trading: (2670-2630)
Four-hour cycle: 2620-2660 is still the main range of fluctuations at present
Oscillation center: 2645-2650 (Ray A: Still the most effective support line at present)
After today's Asian session trend adjustment: Gold currently stands at 2660, and is accumulating momentum to fluctuate in the range of 2660-2670.
Oscillation space: Today's layout around 2670
Focus on: Support performance near 2660
Strategy:
-------------------------
Buy ideas:
Bottom support: 2650-2655
Break pressure: 2675
Upward target: 2660-2670-2675-2680
-----------------------------------------
Short ideas:
Top pressure: 2670
Break support: 2655-2650
Downward target: 2660-2655-2650-2640-2630
(1) The People's Bank of China resumed buying gold after a six-month hiatus, and the expectation of a rate cut by the Federal Reserve next week also increased bullish sentiment.
(2) The geopolitical situation also boosted safe-haven buying demand, and gold rose sharply.
(3) Investors also need to pay attention to the development of the situation between Russia and Ukraine, which may bring positive news.
(4) The peace talks on the Middle East issue now seem to be a joke. They will not last for more than two days and are all smokescreens.
Summary: After breaking the range, the market began to be bullish, and the subsequent trend is still dominated by risk aversion.
However, the overnight US dollar index and US Treasury yields rose slightly, which made gold bulls still have some concerns. The gold price is still in the range of fluctuations in the past two weeks. Before the release of the US CPI data on Wednesday, the gold price may still maintain a fluctuating bullish trend.
From a technical point of view, the market was repeatedly pulled during the Asian session yesterday, indicating that the market sentiment was very unstable, and the rebound before and after the European session was still affected by the risk aversion sentiment, not technical needs. The market retreated from 2676 to around 2660, which also shows that the momentum of market speculation on risk aversion sentiment is still difficult to maintain for a long time, but it also has an impact on intraday trading. It cannot be completely ignored, and do not participate in short-term bullishness based on this, because such news is indeed difficult to predict.
From the hourly chart, it is expected that gold will most likely maintain a short-term strong fluctuation during the day, but the space will not be large unless there is another sudden bullish news. The upper side can continue to pay attention to the 2675-80 short pressure zone, and the lower side can first pay attention to the support near 2650.
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