Macro Analysis for Gold!
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2408(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Gold market last week: International gold/London gold stopped falling and rebounded to close higher at the bottom support of the range for nearly two months, but still closed below the 5-10 week moving average, suggesting that there is still a risk of another decline in the future. However, the current horizontal support is strong, and the bottom is also close to the middle track support. The future market may continue to maintain the oscillation range for nearly two months.
In terms of specific trends, the price of gold opened at $2292.95/ounce at the beginning of the week, and directly recorded the low of the week at $2287.68, and then rebounded continuously. Although it recorded the high of the week at $2341.57 on Wednesday, it encountered resistance and retreated. On Thursday, it continued this retreat momentum and closed lower, but it did not fall below the opening price of the week. On Friday, the bulls exerted their strength again and rebounded strongly, making the weekly line obviously close at $2332.08, with a weekly amplitude of $53.89, closing up $39.13, an increase of 1.71%. In terms of impact, the increase in unemployment rate announced earlier limited the decline of gold prices. At the same time, the European and US market data were favorable to gold prices, causing it to rebound and close higher after recording the low point of the week. On Tuesday, due to the support of risk aversion and the market's lower expectations for the latest US CPI data, the World Bank's upward revision of US GDP growth expectations eliminated the downward pressure on gold prices, causing it to rebound and close higher. Based on this, CPI fell as expected on Thursday, helping gold prices to continue to rebound and record the high point of the week;
However, due to technical obstacles The momentum, as well as the interest rate decision statement and Powell's hawkish speech, suppressed gold prices and retreated to close on Thursday. This momentum continued, and the European Central Bank's and other interest rate cut prospects boosted the dollar, suppressing gold prices. Gold prices fell and closed lower, but due to the weekly jobless claims data and PPI data were still positive for gold prices, the decline was limited, and by Friday, the trend rebounded again. The monthly rate of the U.S. Import Price Index in May and the initial value of the U.S. University of Michigan Consumer Confidence Index in June exceeded expectations and the previous value was lower, which was good for gold prices to maintain momentum and finally close positive.
2.
Outlook for this week Monday (June 17): international gold opening rebound power weakened by technical resistance, some resistance performance, the U.S. dollar index daily chart held steady above the middle rail, and running above the short-term averages, Bollinger bands open upward development, with graphical indicators to maintain the multi-head signal, suggesting that the probability of the market to continue to go strong, but also to produce some pressure, in addition, the weekly chart is also held steady above the middle rail at the same time, also Rebound to the short-term averages above, Bollinger bands tend to develop upward, with chart indicators also turned strong, the market is expected to be more bullish, the overall will limit the price of gold rose.
Gold big range oscillation, high throw low suck to deal with!
Gold Monday opening did not directly upward breakthrough of the previous high point of 2340, but directly vulnerable to fall, gold does not have enough momentum to support the gold bullish rise, or not be able to directly upward, gold is still in the big range oscillation.
Gold 1 hour range oscillation, up and down are not yet broken, so do not easily chase up and down, control the rhythm of high throwing low sucking, gold on Friday rose to the highest 2337 near the pressure fell back, did not manage to break through the 2340! 2336 will be the focus of today's resistance, support focus on 2315!
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