Gold prices were basically flat on Thursday (September 29), as the rise in yields of US bonds and concerns about Fed radical monetary policy put pressure on gold prices, but the decline in the US dollar supported the price.
U.S. at the end of , spot gold closed at $1660.41/ounce, up slightly $0.64 or 0.04%, reaching a high of $1664.79/ounce in the day and hitting a low of $1641.30/ounce. COMEX December gold futures closed down about 0.1% at $1,668.60 per ounce.
The tensions in Russia and Ukraine continue to escalate. Federal Reserve officials say that rate hike will be devastating for some areas of the economy. The decline in the US dollar will boost gold prices. Short-term gold prices may be supported by geopolitical situations to maintain upward trend. However, investors still need to pay attention to the speeches of central bank officials such as the Federal Reserve and the European Central Bank, and pay attention to the prospects of interest rate hikes in most central banks around the world, which may limit the upward space for gold prices.
Gold prices remained stable Thursday as the decline in the U.S. dollar offset the impact of rising U.S. Treasury yields and increased concerns about the Fed's radical monetary policy. The interest rate market is digesting the possibility that high interest rates will last for some time, and the continuous speeches of Fed officials may consolidate this possibility, and gold prices may still fall further in the next stage of the principal and interest rate hike cycle.
Global recession concerns and central bank hawkish actions are the main drivers of the recent push to the dollar. But it is worth noting that rumors of a sharp interest rate hike in the European Central Bank and the Bank of England's unexpected announcement of a bond purchase plan triggered the biggest single-day gain in six months, which was nearly 1.9% the previous day.
Daily level, gold price recorded a negative to positive closing opportunity yesterday covering the big negative line in the previous few days, and may be expected to temporarily stop the decline and fall into a wide range of fluctuations. Previously, the 1680 breakthrough was still the key short-term suppression level, and there may be a risk of recent testing. The intraday rebound was once tested to around US$1664 and it fell back. The short-term performance may fall into a volatile situation waiting for the market to further clarify. The hourly chart oversold rebound trend is currently on the rise. At present, it seems that the rebound strength is attenuated. The probability of the Asian and European sessions falling along the trend is relatively high. The idea at noon is to short and look at the drawdown!
Gold midday operation strategy:
Back around 1666, short selling, stop loss: 1671.5, target 1659-1654
Return around 1654 and long selling, stop loss: 1649, target to be determined
I hope the teacher's article can bring you benefits and smooth sailing in the next investment. Our trading purpose: do not carry orders, do not increase positions due to losses, do not lock positions, and strictly set fixed stop loss!
Text/Teacher Tianan
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