gold : The price of gold fell 0.25% to US$1822.50. The price of gold opened higher and moved lower . After opening higher in the early trading, the trend was relatively strong, rising to as high as US$1,843. During the US trading period, it fluctuated at high levels and weakened, erasing it. All gains turned down, and fell as low as $1,820. In late trading, and maintained at low levels during the day. The US dollar index fluctuated weakly and hovered near the 104 mark. Bond yields strengthened again, putting pressure on gold.
The three major U.S. stock indexes collectively closed down, opening higher and moving lower to maintain a weak trend. The Nasdaq index ended the trend of 's five consecutive positives and closed near the 20-day moving average, far away from the 5-day moving average. The MACD fast and slow line is still golden cross running, and there is still the possibility of continuing to rebound. S&P 500 index and Dow Jones index have smaller declines. The rise is suppressed by the 20-day moving average, which is also far away from the 5-day moving average. MACD fast and slow The line is running a golden cross, so it may just be a short-lived correction to the continuous rise.
If it continues to rebound Nasdaq will be at 12200 points, S&P 500 will once again encounter strong resistance at 4150 points, and fall back to the current position, it may form a head and shoulders bottom , a head and shoulders bottom is a major reversal. The bottom is established. If you go like this, it will be the best position. Predicting the trend is not necessarily right or wrong. Just like when we see dark clouds in the sky, we think it may rain and we need to bring an umbrella when we go out. But It doesn’t necessarily mean it will rain. Technical analysis is also a matter of probability.
Seven countries have proposed a ban on the import of gold from Russia. Russia is the world's second largest gold producer. There will still be a short-term impact on gold prices. However, other countries can import it. They may even import Russian crude oil at a low price like India, refine it, and resell it to Europe earns the price difference, and gold can do the same thing.
Gold has three major attributes, monetary attributes, financial attributes and commodity attributes. Gold is a special commodity and is not a commodity . Although it is a precious metal , it is not completely affected by supply and demand, because the measurement of gold is globally proven. The contained content does not need to be completely mined and processed. This is a commodity attribute.
The currency attribute is that it is priced in US dollars and can have a hedging function in the form of currency. The financial attribute is that it is related to interest rates and can preserve value and resist inflation. Therefore, the import of gold from Russia is prohibited. The actual impact is very limited, so it is high in early trading. After the opening, the US market all fell back, and this week's data events and speeches by Fed members were concentrated in the second half of the week, so the market was more volatile in the past two days.
Analyzing from a technical perspective, the gold price opened high and moved low on the K-line to form a large physical negative line. The position of the annual line turned into resistance and failed to effectively break through and fell back. The K-line combination form formed two negative lines sandwiching one yang, which is also known as empty cannon. The negative pattern is that the indicators are all in a tangled state of going flat. At present, only the previous low is used as support below, and the overall performance is still a volatile consolidation pattern.
crude oil : Oil prices rose 2.03% to US$109.81. Oil prices fluctuated higher. After a slight dip in early trading, they rebounded and maintained a volatile operation. During the US trading session, they rose sharply and then fell sharply. They rose strongly, reaching a maximum of US$110, and remained at a high level in late trading. The oil and gas production index rebounded sharply.
EIA crude oil inventory data has not yet been released, but the strategic reserve inventory has dropped to a historically low level. Due to the release of a large amount of reserves due to the reserve dumping plan, it has only a short-term impact on oil prices, and the current low inventory has the need to replenish inventory. On the contrary To boost oil prices, the other seven countries continue to impose more restrictions on Russia, and the supply outlook is once again tight. Therefore, it is still too early to say if the fundamentals remain unchanged, but the details will depend on the production increase of , OPEC, and . , that is, the next meeting and visit in July may change the fundamentals of oil prices.
Analyzing from a technical perspective, oil prices continue to rebound and return to above the 60-day moving average. The reversal pattern of Star of Hope has caused oil prices to bottom out in the short term, but it is difficult to say whether it is a reversal or an oversold rebound. MACD fast and slow lines Although it has converged, it has not turned. It is moving more in a flat direction, and it is suppressed by the 10-day moving average. In addition, the 60-day moving average has not yet stabilized. A rebound after a unilateral decline will cause some funds to leave the market, which may form selling pressure. The oil and gas production index returned to above the 5-day moving average and the half-year line. The downward trend has slowed down and may have stopped falling, but we still need to pay attention to the possibility of the rebound being blocked and returning to the downward trend.
The above are all personal views shared , non-experts, non-scholars and non-teachers. The content involved in the article is only for learning and exchange, and does not constitute investment advice. You should operate at your own risk. Investments require your own ideas. Welcome to leave a message to exchange # Gold analysis# #gold# #crude oil#
