FX168 Financial News (Hong Kong) - The overall trend of spot gold is relatively strong, but the short-term trend is volatile. Although the dollar index continues to fall, the market still holds a wait-and-see attitude towards gold, which largely limits the rising space of gold. In the short term, the upward momentum of gold has slowed down. Before further rebound, Gold price There is a trend of callback, but the space for material callback is also limited.
(One hour chart of spot gold, source: FX168 Financial Network)
dollar
The rising trend of the US dollar index has slowed down. As Fed officials began to worry about risks such as global economic growth, the pace of interest rate increase of the Federal Reserve may also be affected to some extent. In addition, Williams, the third person of the Federal Reserve, said that he might further raise interest rates "to a certain extent", which also led to a further reduction in the rate increase of the Federal Reserve in December. Technically, the US Index is now close to 96 integer level support, and this level is also the trend line of the downward track support of the upward channel. An effective fall below this level will mean that the US Index is expected to usher in a greater callback trend.
Technical analysis:
The sky chart shows that the decline in the probability of the Federal Reserve's interest rate increase in December has continued to drag down the dollar index. Gold has held steady at the integer level of $1200. Although the gold price has not yet seen a strong rebound, once the dollar has broken through the key support near the 96 threshold, it is expected that gold bulls will make a comeback. In addition, the Bloomberg Industry Research Index, which rose for the first month in seven months in October, Thanks to investors' belief that the global economic cooling may indicate that the gold price will hit the bottom. This will also help gold rebound further. Gold has now risen above the 75% percentage point of the downward trend since April, and the MA moving average has begun to show signs of rebound, which may indicate that gold is expected to start further rising.
The 4-hour chart shows that the short-term rise of gold has gradually slowed down. As the dollar index has stopped falling, the KD and RSI indicators have both fluctuated upward and reached the overbought level, which may limit the upward space of gold to some extent. At the same time, the gold price has broken through the suppression of cloud clouds. Although the current upward trend of Shanghang Cloud is still not obvious, the short-term risk continues to be upward. The upper preliminary resistance is at $1228, and the lower support is near the level of $1216, which is the B line of cloud chart.
Intraday view: narrow amplitude shock Intra week opinion: more neutral
Key resistance: 1228, 1239, 1249
Key support: 1216, 1207, 1198
Checked by: TIER
