Analysis of the latest gold market trends:
Analysis of gold news: In the European market on Monday (November 13), the price of gold was trading around $1,939 per ounce. Many investors believed that U.S. interest rates had peaked after the Federal Reserve kept overnight lending rates stable last week. The move heightened speculation that the tightening cycle is over and spurred gains in risk assets ahead of Thursday. Wall Street rallied on skepticism that interest rates will head higher, despite warnings from Federal Reserve Chairman Jerome Powell that tighter monetary policy may be needed to tame inflation. The U.S. dollar index was basically stable last Friday, with major non-U.S. currencies rising or falling; the U.S. stock market resumed its rally after ending its continuous upward trend last Thursday; spot gold fell below the $1,940 mark, and Powell said last Thursday that prices would resume The fight for stability “still has a long way to go” and the Fed could raise rates again if inflation remains above target. Although Powell made comments, most of them were dismissed as too hawkish. People don’t really believe the Fed will raise interest rates in the future. Last week, the three major U.S. stock indexes generally closed higher, with the Dow Jones rising 0.7%, the S&P 500 rising 1.3%, and the Nasdaq rising 2.4%. Friday’s gains were enough to lift all three major stock indexes to a second straight week of gains, following a minor scare last Thursday. That was when the S&P 500 ended its winning streak after lackluster performance by U.S. Treasuries and warnings from Federal Reserve Chairman Jerome Powell that defeating inflation was not certain. Gold was on track for its first weekly decline since early October following Powell’s hawkish comments on Thursday and waning investor interest in the safe-haven metal. Retail investors maintain a bullish outlook for gold, but Wall Street analysts expect gold prices to continue falling, a survey released this week showed.
Gold technical analysis:
Gold’s bardo line fell back last week, and the room for retreat was slightly deeper. The bardo line was full at the weekly close. There is spatial depth adjustment. It broke the pattern of strong rise and breakthrough. At the end of the week, it continued to fall back and closed at a low level, touching the support of the golden section point of 0.382, which served as the first retracement support in the daily upward trend. At the beginning of the week, pay attention to whether the support strength of 1933-1930 can be stabilized. Although the short-term chart is still slightly bearish, the daily line serves as a callback in the trend. If it can recover steadily at the first support, the daily line can still come out strong. Otherwise, further decline will change the upward structure of the daily line. The 4-hour chart shows a small shock-like decline. The previous rebound was blocked at 1966 and fell back. After the B wave rebound and correction, the C wave continued to fall. The current 4-hour chart still favors downward adjustment for bears, with the middle rail acting as a resistance point to suppress it. The 1-hour chart is moving downwards. The previous high point is the critical point, and breaking the low point of 1945-1950 forms resistance. From the perspective of the small cycle structure, it will fall back in the short term, but the daily line has differentiated, and the daily line has touched the support area of the callback. Pay attention to whether it can start a stable rebound today and tomorrow. If it starts to stabilize, it will continue to rise, otherwise it will turn negative. On the whole, today’s gold operation thinking is He Bosheng’s suggestion to mainly rebound from high altitudes, supplemented by falling back to lows. The top short-term focus will be on the first-line resistance of 1950-1955, and the bottom short-term focus will be on the first-line support of 1930-1925.
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