Zhang Molin:The US index has fallen, gold has surged, and spot gold has ushered in a major market trend?

　Zhang Molin:The decline of the US indexgoldRising sharply, spot gold ushers in a major market trend?

　　The US dollar index fell on Friday, causing assets denominated in US dollars to rise. The weakness of the US dollar makes it more attractive for investors using other currencies to purchase these US dollar assets, with spot gold being the most prominent and noteworthy.

After the opening of the Asian session on Friday, spot gold fluctuated all the way down and hit the lowest point of the day during the European session1229dollar/Ounces. During the European period1231to1238dollar/After struggling and fluctuating in the ounce market, it finally regained upward momentum in the US market and hit a new intraday high1244.60dollar/Ounces, closing quote1240nearby!

From the technical chart, it can be seen that spot gold is touching the upward channel1210When supporting the bottom nearby, there have been multiple stable rebounds, and the rhythm has ended this week. The total price of gold has appeared below5Stable to varying degrees. From this, it can be seen that there is strong support below the short-term gold price, which is expected to test Fibonacci above50%Callback position1245Assuming the area breaks through, there is a possibility of an upward attack0.618%position1255-1265Region. Suggest a pullback next week without breaking through levels1225On the occasion of a pullback, take a long position;The author believes that a significant technical breakthrough is needed to break through the downward trend;The risk of a long pullback is lower than that of a short rebound!

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Based on recent news, oil prices have surged more than6%This has also driven a certain rebound in spot gold, but before the closing, the gold price still showed some signs of weakness, including some psychological factors that limited further price increases. Therefore, it is still difficult for spot gold to achieve a significant breakthrough and rise.