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Market News Gold Market Analysis: The U.S. dollar index fell from a high position, and gold continued to rush higher with inertia
Gold Market Analysis: The U.S. dollar index fell from a high position, and gold continued to rush higher with inertia
With the Fed's interest rate decision and non-agricultural data being negative for gold, gold has closed the big positive line for two consecutive days. Such a state of operation is unusually abrupt.
2021-11-09
11411
Entering Asian morning trading on Tuesday, gold prices rebounded to above US$1,820 per ounce for the first time since September 7.
With the Fed's interest rate decision and non-agricultural data being negative for gold, gold has closed the big positive line for two consecutive days. Such a state of operation is unusually abrupt. The uptrend of the daily structure suddenly returned to above the moving average band, and there was continuous force action. The technical trend was also changed by the sun for two consecutive days. The expected adjustment is expected. Looking back on the reasons why gold rose and rebounded last week, the main driving force was the fall in the adjustment of the US dollar. After the Fed’s interest rate decision was announced, the US dollar did not rise, making the gold bulls ready to move, and before Friday’s non-agricultural data, the US dollar index rebounded ahead of schedule. The pressure was not broken. Although the non-agricultural data was better than expected, the US dollar index rose early due to the overdraft, and the US dollar bulls chose to take profits, which triggered the short-term selling sentiment of the US dollar, which also made the mood of the gold bulls who were already ready to change again. The excitement eventually led to the abnormal trend of non-agricultural negative gold, and gold rose instead of falling. In terms of the current technical structure, under the influence of the strong positive trend in the first two days, market sentiment may continue inertially on Monday, especially during the Asian session. Gold’s upward momentum is still difficult to grasp. There is a continuation of inertia, but the space will not be very large. 1820-25 above the daily level will be short-term pressure at the beginning of this week. If it breaks through, it may be tested again. The previous high point is in the 1832-35 area, but after all, the current market has been unconventionally pulled up for two consecutive days. The bulls' kinetic energy has been consumed under extreme trends, and the room for another pull up is difficult to predict, and the week is not ruled out. In the early days, especially after the inertia in the Asian market, the gold bulls chose to take short-term profit and settle the risk in the European and American markets.
At present, there are overbought signals on the 4-hour chart, but it is possible that there will be an inertial rebound at the beginning of this week, but under technical pressure, the market may repeatedly compete for high prices. Pay attention to the 1820-25 pressure band from the top. If the market breaks through and stands firmly on it, it indicates that the bullish sentiment is still extreme, and the possibility of the 1820-25 high before retesting will increase. But after all, the continued rise in the market is mainly affected by the emotional impact of the adjustment of the US dollar. Once the US dollar stops falling, or gold touches its own key pressure, and the momentum is consumed after continuous recovery, then gold is still likely to fall into adjustment.
Bank of China Guangdong Branch Wang Gang
Original title: 202111109—The U.S. dollar index fell from a high level, and gold continued to rush higher
Source: Bank of China official website
With the Fed's interest rate decision and non-agricultural data being negative for gold, gold has closed the big positive line for two consecutive days. Such a state of operation is unusually abrupt. The uptrend of the daily structure suddenly returned to above the moving average band, and there was continuous force action. The technical trend was also changed by the sun for two consecutive days. The expected adjustment is expected. Looking back on the reasons why gold rose and rebounded last week, the main driving force was the fall in the adjustment of the US dollar. After the Fed’s interest rate decision was announced, the US dollar did not rise, making the gold bulls ready to move, and before Friday’s non-agricultural data, the US dollar index rebounded ahead of schedule. The pressure was not broken. Although the non-agricultural data was better than expected, the US dollar index rose early due to the overdraft, and the US dollar bulls chose to take profits, which triggered the short-term selling sentiment of the US dollar, which also made the mood of the gold bulls who were already ready to change again. The excitement eventually led to the abnormal trend of non-agricultural negative gold, and gold rose instead of falling. In terms of the current technical structure, under the influence of the strong positive trend in the first two days, market sentiment may continue inertially on Monday, especially during the Asian session. Gold’s upward momentum is still difficult to grasp. There is a continuation of inertia, but the space will not be very large. 1820-25 above the daily level will be short-term pressure at the beginning of this week. If it breaks through, it may be tested again. The previous high point is in the 1832-35 area, but after all, the current market has been unconventionally pulled up for two consecutive days. The bulls' kinetic energy has been consumed under extreme trends, and the room for another pull up is difficult to predict, and the week is not ruled out. In the early days, especially after the inertia in the Asian market, the gold bulls chose to take short-term profit and settle the risk in the European and American markets.
At present, there are overbought signals on the 4-hour chart, but it is possible that there will be an inertial rebound at the beginning of this week, but under technical pressure, the market may repeatedly compete for high prices. Pay attention to the 1820-25 pressure band from the top. If the market breaks through and stands firmly on it, it indicates that the bullish sentiment is still extreme, and the possibility of the 1820-25 high before retesting will increase. But after all, the continued rise in the market is mainly affected by the emotional impact of the adjustment of the US dollar. Once the US dollar stops falling, or gold touches its own key pressure, and the momentum is consumed after continuous recovery, then gold is still likely to fall into adjustment.
Bank of China Guangdong Branch Wang Gang
Original title: 202111109—The U.S. dollar index fell from a high level, and gold continued to rush higher
Source: Bank of China official website
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