Spot gold price range view
Market review
On Monday, the spot gold price opened higher at 1925 and traded sideways at 1922 in early trading. We were still waiting and watching. By 11:49 a.m., we were short at 1923. At 3:19 p.m., the gold price fluctuated to around 1926. We were prepared to increase our position at 1928, but we still added short positions. , but yesterday the gold price reached its highest price at 1927 yesterday, and then the gold price fluctuated again and traded sideways near 1924.
The position was held until 8:49 and the position was shorted at 1926. At 9:34, the gold price fell and part of the short position was reduced at 1922. At 9:56, we continued to add to the short position at 1926.
At 10:12, we continued to reduce our position at 1922. At 10:27, the gold price dropped to near 1916. We have short positions left to prepare for 1912. We are prepared to go long at 1912 and then go back to 1917, or rebound first and go short at 1917.
At 10:49, the gold price first fluctuated back to 1918. We continued to be bearish. By 11:50, the gold price fluctuated sideways at 1916. It was recommended that all short orders be placed and no further entries were made.
The gold price was as low as 1914 yesterday, and the gold price closed at 1915 on Monday. Today, the gold price opened at 1915 on Tuesday. After 1916 in early trading, it dropped to 1913 and fluctuated. In terms of form, the gold price is now obviously weak. However, the Asian market usually moves sideways in a narrow range. It is now recommended to focus on high altitude, supplemented by low and long, and the mid-term view remains unchanged.
Fundamental Analysis
The U.S. dollar index continued to rise on Monday night, and the spot gold price fell below the 1920 mark, but overall the decline was still not large and the decline was negative.
The fundamentals are currently unfavorable. If the U.S. index continues to rebound, gold prices will continue to be under pressure. If the U.S. index falls back in the short term, gold prices will also have a chance to rebound in the short term, but the magnitude is expected to be limited because buying orders weaken and without favorable support, the rebound in gold prices will be short-lived.
Watch the numbers Tuesday night:
Pending a vote in the U.S. House of Representatives on a temporary appropriations bill.
Nine-point U.S. FHFA home price index monthly rate for July.
The annual rate of the U.S. S&P/CS house price index in 20 major cities in July was nine points.
The 10-point annualized total of U.S. new home sales in August.
The ten-point American Chamber of Commerce Consumer Confidence Index for September.
The 10-point US Richmond Fed manufacturing index for September.
U.S. API crude oil inventories at 4:30 a.m.
Technical analysis
The general trend of the sky chart is still downward. The Bollinger Bands are now narrowing. The negative line closed yesterday. The small negative line in early trading today broke through the lower track support. In terms of form, the gold price is now relatively weak.
Spot gold:
1. If the intraday Asian market does not break from 1917 to 1922, it is bearish.
2. If the Asian Handicap 1910-1907 is not broken, we will be bullish.
(The information is for reference only, not as a basis for investment, please bear at your own risk)
