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Original title: The strong counterattack of the gold, at most, took more than $ 30 technically “no problem”: new purchases are coming! ?
Financial news agency FX168 (Hong Kong) reported on Monday (December 7) in the European market, that spot gold rebounded from the previous drop and returned to above 1850, with a high of $ 1,854.76 the ounce. It once fell to $ 1,821.50 an ounce. Early in the day, due to the dollar rally,Gold priceIt once suffered a strong short-term sell-off, but then gradually slowed the decline … As FX168 noted earlier in the article, is there a buy point for gold?
The article quoted FXStreet analyst Eren Sengezer as saying that gold could continue its rally and break above $ 1,850.
The monetary policy decision of the European Central Bank (ECB) will be announced on Thursday. If the policy statement of the European Central Bank triggers a major change in the euro / dollar, gold may show a similar reaction through changes in the market valuation of the US dollar.
The U.S. Food and Drug Administration (FDA) is expected to announce over the weekend whether it authorizes the emergency use of Pfizer and Moderna’s coronavirus vaccines. The positive results may help risk-sensitive assets continue to find demand and hold back the dollar.
Charlie Nedoss, senior market strategist at LaSalle Futures Group, said that the current level of gold prices is very constructive. “The $ 1856 per ounce level is the focus of attention. This is the level that can be tested this week.” Nedoss noted that once this level is broken, technical buying will immediately return to the market.
From a technical gold price perspective, the 4-hour chart shows that last week, gold posted a four-day bounce and approached the $ 1,850 level. Heading into this week, the $ 1850 profit and loss is expected to become the key to the future trend of gold.
Considering that even if the 50% Fibonacci retracement level is around $ 1760, gold still needs more time to build a bottom here, so gold is still in a downtrend with high probability.Once gold is locked in by resistance at the top of the $ 1870-1880 area, the market outlook is expected to drop again to test the support below $ 1800.
Additionally, Daniel Pavilonis, senior commodities broker at RJO Futures, said investors are not fully prepared to return to the bull market for gold and that the sale may not end there. “The market is a bit tired and it will not be too unexpected for the price of gold to fall this week.
Pavilonis noted that the price of gold may fall back to $ 1,797 ounces this week, and if it closes below that level, there will be more selling.
Pavilonis noted that stimulus projects are difficult to agree on and may be delayed until next year. Influenced by good news about vaccines on market sentiment, stimulus programs may not be seen as necessary. “If this is the case, the economy starts to improve and the dollar strengthens, then it is not good for gold.”
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