Original title: The Jedi strikes back after the sharp drop of 33 dollars in gold, the situation of the Fed meeting may help the bulls recover lost ground gold,silver、crudeLatest operation suggestions
FX168 Financial News (Hong Kong) News Monday (June 14), US gold and silver prices fell sharply at one time, but they have now recovered from the sharp drop in early trading. The drop in early trading caused spot gold to plunge by US$33 to a four-week low of US$1844.52 per ounce, and it has now rebounded to trading above US$1,860. In a global trading environment where there is little risk aversion, the safe-haven bulls are struggling. As the recent technical conditions of both metals have deteriorated, especially gold, some chart-based selling pressure has also emerged.
Global stock markets were mixed, but mostly rose overnight. The U.S. stock market was mixed at midday. The S&P 500 index and Nasdaq stock index futures hit a record high today. The Chinese and Australian stock markets are closed for holidays.
The big event in the United States this week is the Federal Open Market Committee (FOMC) meeting of the Federal Reserve, which will begin on Tuesday, and a statement will be issued after the meeting on Wednesday. Although no major changes in US monetary policy are expected, the focus will be on the Fed’s outlook for inflation and when it will begin to reduce very loose monetary policy. Fed officials recently hinted that they will start discussing the timetable for reducing the bond purchase program (quantitative easing) as soon as possible.
Commerzbank analyst Carsten Fritsch predicts that if Fed Chairman Powell maintains the view that inflation is only “temporary” and does not withdraw monetary stimulus,Gold priceIt should be able to regain lost ground.
From a technical point of view, Kitco senior analyst Jimy Wyckoff wrote that August gold futures bulls still have the overall short-term technical advantage. However, as the 9-week uptrend on the daily bar chart is negated, they are weakening. The next upside target for the bulls is to close above solid resistance at $1900.00. The next short-term downside objective for the bears is to push futures prices below the solid technical support of $1810.70. The first resistance level is today’s high of $1,79.70, and then $1900.00. The first support is seen at today’s low of $1,845.70, and then at $1,840.00.
FXDailyreport wrote an article to analyze and predict the trend of gold, silver, and crude oil and give an operation strategy:
Gold: suffered a major bearish callback
In the previous bearish correction, the price of gold rebounded from the level near $1850, forming a major bullish close. Gold made another downward correction after testing $1,900, and this time the low moved further down. It seems that the price of gold may reach $1850 and the 200-day moving average to test these two levels.
Traders will wait for responses at these levels to determine the next direction of precious metals.
(Golden daily chart, source: FX168)
The key level of focus today:
Support: 1850, 1800, 1780
Resistance: 1900, 1950, 2000
Silver: maintain triangle consolidation
Silver prices seem to fluctuate in a triangle consolidation again. The price was rejected at the top of the triangle pattern and almost reached the $27.50 support level. We still believe that the price will continue to rise towards $30.00 and $31.50. For now, traders will continue to hold long positions with stop losses lower than the previous low of volatility.
(Silver daily chart, source: FX168)
The key level of focus today:
Support: 27.00, 26.00, 25.00, 21.35, 20.00
Resistance: 29.00, 30.00, 31.50
Crude oil: continue to climb slowly
The global market situation has not affected the trend of crude oil prices. Oil prices continue to be bullish, slowly climbing above the $70 level. In the absence of any major changes in price movements, traders currently have nothing to do except continue to hold long positions.
If the price starts a bearish correction, then $70 will be the level to observe whether it will rebound.
(Daily chart of crude oil, source: FX168)
The key level of focus today:
Support: 67.20, 65.00, 60.00
Resistance: 70.00, 77.13
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