During the Asian session on Friday (December 9), spot gold fluctuated and rose, and is currently trading around $1,795 per ounce. The market’s lingering worries about the US economic recession dragged down the dollar, approaching support at a five-month low , To provide support for gold prices, the market’s expectations that the Fed will slow down the rate hike part also helped the bulls. However, the market remains cautious ahead of next week’s Fed decision.
In this trading day, we need to pay attention to the PPI data of the United States in November and the initial value of the University of Michigan’s consumer confidence index in the United States in December, and pay attention to news related to geopolitical situations.
Daily level:Oscillation; MACD bonded, KDJ dead fork was destroyed, the gold price initially recovered the 200-day moving average at 1792.06, which destroyed Monday’s bearish signal with the upper shadow line and the big Yin line, but the short-term trend is more variable, pay attention to the breakthrough in the 1767.08-1809.85 area, The former is the support of the 21-day moving average, and the latter is the resistance of the recent highs.
If the market outlook breaks through the resistance around 1809.85, the price of gold is expected to fluctuate and rise to around the June 22 high of 1847.69.
If the support near 1767.08 is broken, the price of gold may retest the support near the September high of 1735.02.
In the short term, there is still some resistance around the 1800 integer mark above; there is still some support around the 5-day moving average below 1781.95.
4 hour level:Oscillation; the Bollinger line track is running close to the level, pay attention to the breakthrough of the Bollinger line track 1759.44-1805.02 area, the current MACD golden cross, KDJ golden cross, the gold price tends to test the resistance near 1805.02 on the Bollinger line.
Since KDJ also initially sent an overbought signal, it is expected that the gold price will quickly break through the resistance around 1805.02 on the Bollinger line in the short term. At that time, we need to beware of the risk of gold prices falling back. The initial support below is around 1790.43, and the Bollinger line The support of the middle rail is around 1782.24. Before it falls to this position, the market outlook is still inclined to fluctuate upward.
Suggestions for short-term operation:Conservatives wait and see; radicals are cautious to go long on dips, and short to short on rallies.