During the Asian session on Tuesday (February 27), spot gold fluctuated and rose slightly. It is currently trading around 1,874.11 US dollars per ounce. After the US dollar’s rise was blocked, it pulled back slightly, providing gold with a chance to rebound. However, the increase in gold prices was limited because the chairman of the Federal Reserve A speech will be delivered in the evening, and the market is in a strong wait-and-see mood.
In light of last Friday’s strong U.S. non-agricultural data and ISM non-manufacturing PMI data, some analysts believe that Powell may change the dovish attitude after the Fed’s decision last week, which will provide further opportunities for the dollar to rise, which is not good for gold prices .
Separately, the U.S. Treasury Secretary said on Monday that she expects the U.S. economy to be on a path to avoid recession, with inflation falling sharply and the economy remaining strong, given the strength of the U.S. labor market.
Goldman Sachs also lowered its chances of a U.S. recession within 12 months on Monday. This will weaken the safe-haven demand for gold. The gold holdings of SPDR Gold Trust, the world‘s largest gold ETF, decreased by 2.32 tons to 917.92 tons on Monday from the previous trading day. Gold bulls need to be vigilant.
The US trade data for December will also be released on this trading day, and many officials from the Bank of England will also speak conveniently. Investors also need to pay attention to the recent news about the geopolitical situation between Russia and Ukraine.
Daily level:After a unilateral rise, it turned down; MACD dead cross, KDJ diverged downward, the 5-day moving average crossed the 21-day moving average to form a dead cross, and the K line appeared “swallowed” near 1960. There is some support nearby. Before regaining the double resistance of the low point on January 31 and the integer mark of 1900, there is still a further downside risk in the gold price outlook. In the short term, continue to pay attention to the support near the 1860 mark. The 38.2% retracement of the 1960 rally is supported around 1827.56.
The initial resistance above is around the overnight high of 1881.23, the 5-day moving average resistance is around 1893.59, and then the resistance at the 1900 mark. If this position can be unexpectedly recovered strongly, it will weaken the bearish signal for the market outlook; further resistance is currently around the 21-day moving average of 1911.85, 10 The daily moving average resistance is also around this position.
resistance:1881.23；1893.59；1900.00；1911.85；
support:1860.00；1850.00；1839.12；1827.56；
Suggestions for short-term operation:Conservatives wait and see; radicals cautiously short rallies.