Jinrong China: The rise of gold does not turn back, while the US market focuses on non agricultural data

Fundamentals

       Friday(5month7day)In the Asian market, in China4After the release of monthly trade account data, spot goodsgoldContinuously climbing in the short term, just breaking through1820USD. In the Asian market, spot gold rose in the short term and further rose on the basis of yesterday's gains, breaking through the key point in one fell swoop1820Pass, rising close within the day0.35%。

      The latest released data shows that China4Monthly trade surplus2765RMB100mn Meanwhile, China4The monthly import growth rate in US dollars is from2011year1The fastest since the month.

Yesterday, gold prices rose by more than1%Due to the weakening of the US dollar and a decrease in US bond yields, gold prices have broken through key1,800The psychological barrier of the US dollar.

　　OANDASenior Market AnalystEdward MoyaWe have not yet seen a strong rebound in government bond yields, "he said

　　MoyaIt was added that despite being optimistic about the economy, Federal Reserve policymakers seem unlikely to change their loose stance, and investors' concerns about inflation should boost gold prices.

The Federal Reserve plans to keep borrowing costs near zero and maintain them on a monthly basis1,200Billion US dollars in asset purchases until we see full employment and2%Further substantial progress has been made in achieving flexible inflation targets.

However, at HSBC Bank(HSBC)In their comments on gold, analysts said they do not expect a significant increase in gold prices from the next quarter to the second half of the year.

Technical aspect

Daily level: Thursday's strong breakthrough in gold prices1800The checkpoint has injected strong confidence into gold bulls, and the bullish sentiment in the future will continue. Bulls need to be cautious of the emergence of overbought and deviant signals, which will limit the further upward trend of gold prices in the future. However, at present, there should still be further room for gold prices to rise.

On the upward side, initial resistance concerns1837This is1451-2075section38.2%Withdrawal level, further attention61.8%Retreat position1851as well as1month29Daily high1875。

In terms of the downward trend, preliminary support is expected1800At the checkpoint, this level has shifted from the original resistance level to an important support level, further looking towards38.2%Retreat position1784Go further down11month30Daily low1764Will provide some support.

Operational strategy

Step back1813,1800Multiple, stop loss6USD, Stop Earnings10-15dollar