During the Asian session on Wednesday (February 1), spot gold fluctuated within a narrow range and is currently trading around $1,926 per ounce. The Fed’s interest rate decision is approaching, and the market is in a strong wait-and-see mood because last week’s U.S. fourth-quarter GDP data performed better. The market is worried that the Fed may emphasize its determination to reach the terminal interest rate predicted by the dot plot. The key question of the meeting is what signal the Fed will send for further interest rate hikes this year. base point signal. That could be bad for gold prices.
However, as the data show that the growth rate of US inflation is slowing down, there is also the possibility of some dovishness in the Fed, and investors need to be vigilant.
After the last Federal Reserve interest rate decision, the price of gold fluctuated in a wide range between 1795-1814, but fell by nearly $30 in the following trading day, and after that, the price of gold started a wave of gains of nearly $200.
It should be reminded that this trading day will also usher in the US ISM manufacturing PMI data and ADP employment data in January. Investors also need to pay attention to it. The market expects that the employment growth rate will slow down, and the manufacturing industry will be at the The rise and fall line below 50, and refresh the low since May 2020, is expected to provide support for gold prices.
Daily level:High volatility after unilateral rise; MACD dead cross, KDJ dead cross, the 5-day moving average initially crossed the 10-day moving average and formed a dead cross. The support level has been supported, but there is still the possibility of a shock peak in the short term.
Last Friday’s low point support was around 1916.56, and the 21-day moving average support is currently around 1906.22. Focus on the support around the 1900 integer mark. If this support is lost, it will increase the short-term peak signal.
The initial resistance above is around the 10-day moving average of 1930.67, the resistance at the January 27 high is around 1934.94, and then the resistance at the 1940 mark. If this resistance can be broken, it will increase the possibility of a further rise in the market outlook.
resistance:1930.67；1934.94；1940.00；1950.00；1958.23；
support:1920.00；1916.56；1911.25；1906.24；1900.00；1886.50；
Suggestions for short-term operation:Conservatives wait and see; radicals cautiously short rallies.