Gold market analysis: gold pays attention to the resistance level of 1820-1823

On Wednesday (September 1), international gold prices remained stable and basically fluctuated within a narrow range. Spot gold currently fluctuates around US$1814. Investors are waiting for the important U.S. non-agricultural employment report to find clues to determine when the Fed may begin to reduce the stimulus measures introduced during the epidemic.



In the past few trading days this week, although US data has been released, there has been little disturbance to gold. On Tuesday (August 31), the US consumer confidence index fell to a six-month low in August. The U.S. dollar index once hit a low of more than three weeks. The price of gold rose slightly, but gold quickly retreated after hitting the level of $1,823. On Wednesday, the actual situation of the ADP Private Enterprise Employment Index (considered as a leading indicator of non-agricultural data) is: private sector employment only increased by 374,000 new jobs in August, which is far below the expected value of 613,000, while the number of ADP employed in July Reduced from 330,000 to 326,000. The ISM Manufacturing Purchasing Managers Index recorded 59.9, better than expected, but the employment sub-item shrank from 52.9 to 49. Both of these figures indicate that the non-agricultural employment report released later this week may not be ideal, and it may indicate that Fed Chairman Powell is reasonable to maintain a dovish tendency to reduce the amount of easing. Some analysts believe that if the number of new non-agricultural jobs in the United States exceeds 1 million this Friday, the reduction of stimulus will become the focus of attention again, which is not good for gold. And if it is around 700,000 or lower, it will alleviate these concerns and support gold. Overall, the price of gold continues to stand above the 1800 mark and the 200-day moving average. The pattern seems to be relatively favorable for the bulls.

Spot gold prices are currently still oscillating around the middle rail line, and the bulls’ power performance has weakened. The lower 30-week moving average and other support are strong, but the pressure near the 38.2% retracement line above is also greater, and the probability of short-term partial shock is greater. Daily level: Gold prices rushed higher on Monday and turned down after resistance. The bulls' momentum weakened. There is a certain short-term peaking expectation. The recent trend has been volatile, and the MACD trend signal line is still moving upwards. The red kinetic energy column diverges upwards, plus 100 The daily moving average has also crossed the 200-day moving average Jin Cha to form a bullish formation, which seems to be conducive to the development of the bulls. The current pressure is also far from the middle rail, so the bulls still have the dominant advantage. The upper side focuses on the 1820-1823 resistance, the further resistance is near 1834, and the lower side focuses on the 1800 support.