Tan Xinsheng: Gold bulls still need to be cautious of high altitude obstruction and high platform diving when restarting

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goldMarket Overview:

Today (Wednesday), spot gold in the Asian market opened slightly lower1850After nearby, it began to oscillate and rise, reaching a maximum of1858.29The US dollar has been fluctuating below this level as of the time of writing. The upward factors that have continued since this Tuesday are due to the continued deterioration of the US and European pandemic, as well as the progress of the US fiscal stimulus plan, which has stimulated the strength of spot gold to break through1850Pass and stabilize above to break through1850After the checkpoint, there is a certain supporting effect on the later rise.

At present, the daily increase in newly confirmed cases in the United States and Europe indicates that the epidemic continues to worsen, and the United States, Europe, and the United Kingdom are all likely to implement stricter activity restrictions, which will bring heavy obstacles to urban economic recovery.2020As the end of the year approaches, holidays such as Christmas face increasing difficulties in epidemic prevention, which has triggered a renewed increase in risk aversion. In addition, in terms of Brexit, the EU and the UK are still unable to reach consensus on key issues. As the deadline approaches, the uncertainty of non agreement Brexit will continue to support the recent bullish trend of gold.

Today's following events:

Tonight's21:30The United States, known as "terrorist data"11Monthly retail sales rate, expected to record-0.2%, previous value is0.3%If this data performs poorly, it may further increase the urgency for the United States to launch a new round of stimulus plans. In addition, we still need to pay attention to multiple countries today12Monthly manufacturing industryPMIdata

Thursday morning3:00Federal ReserveFOMCInterest rate resolutions and policy statements will be announced,3:30Federal Reserve Chairman Powell will also hold a press conference. This is the last meeting of the Federal Reserve this year, and the market is generally expecting new guidelines for its asset purchase plan. On Wednesday, ECB President Lagarde and ECB Executive Director Panetta will attend the Eurogroup meeting.

Gold market analysis:

Analysis on the technical daily chart shows that gold prices rose on a positive line yesterday and all losses this week have been repaired. Gold price5Rihe10The daily moving average has risen slightly, and in the short term, resistance above the gold price has moved upward50Daily moving average（1866）Nearby. Looking at daily indicators,MACDThe positive kinetic energy column of the indicator continues to double track upwards,RSIIndicator returns to the centerline50Wandering above the position,KDJThe indicators are adhesive and have no obvious direction. The gold daily line rebounded continuously yesterday, directly rising and breaking through from the support of the lower edge of the range1850Gate pressure and maintain it at1850The closing price above remains high and strong, with the daily line closing positive. To truly reverse, bulls still need to break through the previous high of the daily line1875Suppression level, here we can break through the end of the short position, otherwise there may still be a significant decline once the short-term rebound is hindered. Currently, gold is1860There are signs of obstruction at the checkpoint, so it is not yet possible to see bulls making a comeback, there is still a hint of suspense.

4Looking at the hourly chart, the gold price reopened at the opening of the Bolin channel, and the gold price was running near the Bolin track. Short term moving averageEMA5AndEMA10Double lines form multiple heads upwards,MACDThe positive kinetic energy column of the indicator gradually increases,RSIThere are signs of oversold in the upward direction of the indicator,KDJThe indicator shows signs of turning downwards. at presentEMA5Moving average（1850）This has a certain supporting effect on gold, as long as it does not fall below, then short-term bullish gold is relatively strong; If it falls below this position, it will be tested1842-1840Near the area, if you fall below this area, there is a probability of turning short.

In summary, it is recommended to conduct short-term operations within the day, and take a look at the short-term resistance of gold prices first1860Pass, then1866Nearby; Short term support, let's take a look first1850The ability to defend a pass, such as being lost1850Take a look below1842-1840Nearby, it is still necessary to be cautious in operation to prevent gold from rebounding and jumping high, which may cause high platform diving!

Reference suggestions for gold operations:

1Gold rebound1860Effective obstruction nearby is due to layout of empty orders and stop loss1866Go ahead, let's take a look at the target first1850Gains and losses at the checkpoint, take a look at breaking positions1842-1840Near the area; On the contrary, if hindered, it will fall back to1850Near and above, there is a stop drop, with short orders profiting from leaving the market and backhanded multiple orders entering the market. The target1858-1860Area, break down and look up1866-1870-1875Nearby the area, held in a broken position

2If the strength of gold's pullback is too strong, the pullback will reach1842-1840Multiple orders can be placed to stop losses if there are signs of a stop in the area and nearby areas1835Next, target1855-1860Near the area, look at the broken position1866-1870-1875Nearby the area, held in a broken position

This article is written and published by Tan XinshengFull day real-time online guidance WeChattxc296】Please indicate the source of the reprint. Because the network push is delayed and the document is timely, the above content belongs to personal analysis, and the real-time market risk control needs to be flexible to deal with, and eliminate the risk of taking orders. The content is only for reference. Therefore, the operational risk should be borne by itself. Please indicate the source of the reprint!

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