He Xiaobing: Gold form narrows and waits for non-agricultural, crude oil beware of space correction 10.07
On the last day of the holiday, the safety of the return journey comes first, and personal epidemic prevention is more important.
The non-farm payrolls report will be released this evening, so pay attention to risk control.
This week’s gold and crude oil also experienced ups and downs, driven by the ups and downs of the U.S. dollar.
Gold went on a continuous rise on Monday and Tuesday. After confirming the support of 1660-1659 on Monday, it started an accelerated climb and sprint. On Tuesday, it stepped back slightly to confirm the support of 1695-1694 and continued to climb and break high, and then it reached the space correction on Wednesday and Thursday.
The box runs in the interval around 1700-1730.
This wave of gains started on Wednesday last week. After the price broke down, it formed a bottom and rebounded. Then, it took a space correction on Thursday and Friday last week, and it continued to climb further this week when the US dollar index fell sharply.
As for whether this wave of rebound is over, what needs to be paid attention to is the defense of the low point and the dividing line of the purple trend line.
As you can see in the picture, this wave of rising still maintains the rhythm of keeping low and breaking high, so if you want to make a change, you need to complete the action of breaking the low first, and change to the rhythm of breaking the low and turning into a shock.
The current low point is close to the effective support, one is 1700 (a slightly larger one is 1694), and the other is 1660-1659 (far distance) to step back to determine the support point.
In addition, pay attention to two references. One is the red channel range in the early stage. Now it is still hovering and switching at the lower rail position of the channel line. It needs to break through the high point to form an effective support, and then find the upper rail pressure area of 1744.
The other is a four-hour pattern. After continuous sideways trading, the pattern narrows and closes at 1627-1702, which just matches the space switching and direction extension after the subsequent breakthrough.
Pay attention to the upper rail 1744 of the red channel (expand the 1752 area), and pay attention to the top 1680 of the previous box (expand the 1672 area).
At present, the price is in a state of spatial correction. With the narrowing of the shape, it is ready to wait for the non-agricultural market in the evening to guide the expansion of the range.
Gold fell back to 1720 overnight and was under pressure here, as the demarcation line of the market, pay attention to the support 1705-1702 area below, followed by the low point defense 1694 range, if the price re-stands above 1720, Then the whole market space is switched upwards, and the 1727-1730 area of the four-hour upper rail and the adjacent high point is searched upwards.
Therefore, for today’s gold, apart from the non-agricultural news market that is concerned about, technically, we need to pay attention to the boundary of 1720, so as to switch the space, and pay attention to the interval of the four-hour pattern opening, and the follow-up pattern opening will guide the A wave direction.
The following is the spot crude oil price, on which +0.6 is the futures crude oil price.
Affected by the good news, crude oil has gapped higher and opened higher since Monday, and continued to climb higher, achieving a four-day rise. In the process, although there is room for correction, the speed is faster and the scope of space is relatively small.
As shown in the chart, the price climbed steadily after gapping, breaking new highs one after another.
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