Spot gold maintained its intraday upward trend on Thursday, with gold prices currently around $1,989 per ounce. The price of gold has confirmed that it has broken through the important resistance of $1977.25 per ounce, which opens up space for the price of gold to continue to strengthen.
Interpretation of the news:
Earlier this month, a new round of conflict between Palestine and Israel broke out, which has lasted for more than two weeks and caused a large number of casualties. The conflict between Israel and Hamas “will continue to be centered in Gaza, but has the potential to spread wider and have a more pronounced impact on Israel’s economic and security situation.” After the outbreak of the Palestinian-Israeli conflict, the outside world has been worried that the continued spread of the conflict will affect the international energy market. In the near future, the market still needs to pay attention to the risk aversion sentiment in the geopolitical situation. As Israel intensifies its attacks on the Gaza Strip and the conflict intensifies, geopolitical risks may continue to support gold prices. In addition, the market’s attention turns to other economic data released by the United States. Third-quarter gross domestic product (GDP) data will be released on Thursday, as well as initial jobless claims data. The Federal Reserve’s preferred inflation gauge is expected to show continued slowing on Friday, amid speculation the central bank’s tightening cycle is coming to an end.
Gold trend analysis:
Looking at the gold trend, the last trading day went through a roller coaster. In early trading, it consolidated within a narrow range of 1976/1970. The European market fell slightly to around 1968 and then rebounded again. The US market experienced a rapid wave due to the fall of the US index. It stretched to around 1987 and came under pressure. Later, it fell slightly under pressure because of good data. Then, because Israel agreed to delay the attack on Gaza and cooperated with large international funds to smash the market, gold quickly fell back to around 1962 and then quickly rebounded. The tension eased, but it failed. It is over, so it is still a strong pattern. Before the European market, pay attention to the break of the high point of 1987 last night. Before the European market, the point where you break the high and go long must be raised. If you cannot break the high, you will have to wait for more resistance, and the upper position will be strong. At the 1998/2000 mark.
Gold’s Xiaoyin K-line corrected yesterday. After consolidation, it dropped to the 1953 line with a wave. In the late trading period, it steadily recovered its lost ground and closed above 1970 again. The daily line is the third trading day of the star K line consolidation and correction. The space is not too large. Although it has dipped, it still closed at a high level in late trading, which is a strong consolidation and correction move. At present, it has rebounded from the lower track to the upper track and is now under slight pressure. In the short term, it has entered a contractionary shock. If the bull trend remains unchanged, the current shock is regarded as bulls gaining momentum. The small resistance is between 1980 and 1982. The short-term shock correction is gaining momentum, which may be accompanied by repeated dips and rebounds. In terms of operation, the time point is set on the European and American markets. After the dips stabilize, choose lows and go long.
The trend of gold showed a shock structure at the beginning of the week. Although institutions frequently smashed the market, the first retracement level of 1953 in the upward trend was not effectively broken, so the market outlook still maintains a bullish mindset. From a technical point of view, this week is consolidating at a high level, with support moving downwards and resistance remaining unchanged. The main idea today is bullish. As long as the support below is maintained and does not break, the price of gold is expected to test the 1997 high last week. If the high does not break, we will consider it again. The long-term short position in the layout is based on callbacks. Therefore, in the market outlook, it is recommended to go long first around 1985, stop loss around 1979, and look at 1998 as the target first. If it reaches 1998 for the first time, it can be short-term and wait for a correction before going long.
Gold operation advice:
It is recommended to go long near 1985 first, stop loss near 1979, and look at 1998 as the target first. If it touches 1998 for the first time, you can short-term and wait for a correction before going long.
Disclaimer: Views shared are for reference only and do not constitute investment advice. Investment involves risks, and you must be responsible for any profits or losses.
