During the Asian session on Tuesday (December 6), the rebound of spot gold was blocked and it is currently trading at $1,770.11 per ounce. The very strong PMI data exacerbated market concerns that the Fed may accelerate interest rate hikes, which helped the U.S. dollar index hold key support near a five-month low of 104.63. The short-term U.S. dollar index has further opportunities for a rebound, putting gold prices at risk of a further correction.
There are few economic data on this trading day. Pay attention to the US trade data in October, the EU finance ministers meeting and the geopolitical situation between Russia and Ukraine.
Daily level:After a shock and rise, the gold price fell back quickly after the strong resistance of 1807.72, the high point in August, was falsely broken through. It lost the 200-day moving average and the 5-day moving average in a row and recorded a long upper shadow line. After the MACD top diverged, there was a dead cross trend. Relatively high dead cross, the short-term gold price faces the risk of peaking. The initial support is around 1765.64 on the 10-day moving average, and around 1757.74 on the 21-day moving average. This position needs to be focused on. If this support is lost, it will increase the short-term bearish signal.
However, since the price of gold has already broken through the resistance near the September 12 high of 1735.02 and completed the confirmation of stepping back, before falling below the 21-day moving average, bulls still have a certain chance in the market outlook, but they need to break through the resistance near the 200-day moving average of 1794.38 again In order to open up a new round of upside space; in the short term, there is still some resistance to the 5-day moving average of 1781.71.
Suggestions for short-term operation:Conservatives wait and see; radicals are cautious about shorting rallies, and cautiously shorting bargains.