Market Review:
During the Asian session of the gold market on Tuesday, the gold price has been in the sideways adjustment stage, but the rebound is very limited. During the European session, gold began to decline after being blocked around 1140, and the overall trend was biased towards a negative decline. During the US session, gold prices began to fall sharply. And in the second half of the evening, it maintained the support level near 1125 and launched an upward rebound. In the early trading session today, you can make an oversold rebound in gold, strictly stop losses, and control risks.
htmlOn December 20, important economic indicators have been announced:
As of December 20, the gold position of the world's largest gold listed trading fund, SPDR Gold Trust, remained unchanged compared with the previous trading day, at 828.1 tons. The fund has suffered consecutive reductions in holdings, with the holding scale hitting a low since May.
Yilong analyst: CFTC gold long positions have dropped significantly in recent weeks, and gold ETF continues to reduce positions, setting the longest record in history. Gold ETFs recorded 27 consecutive trading days of positions reduction, which is equivalent to losses since the spring of 2013. Currently, it continues to be in the oversold area, waiting for gold prices to resume rebounding and enter an upward trend today and in the short term.
2-21 trading reminder:
India's fiscal budget will be announced in early January, which will be another major event affecting gold. The market is worried that gold trading will be restricted. Despite the attractive price of gold, Indian consumers are still away, which means the gold market is very fragile.
The strong U.S. and global economies have caused the dollar, stocks and U.S. bond yields to all rise, which is negative for gold. The Fed is more hawkish than expected! But surprisingly, no safe-haven buying was seen after the incidents in Berlin and Türkiye. In the next few days, a rebound due to short cover will be seen, but the expected rise will be limited and short-lived.
Technical analysis: On the
daily chart, gold closed a small negative line with a lower shadow line on Monday. The rebound of gold on Tuesday was generally weak. Then gold showed a waterfall-like sell-off again, but this sell-off generally tends to fall in the dark and there is no downward trend. At present, pay attention to the support level of the Bollinger lower track at the daily level near the support level of the Bollinger lower track at the daily level. It is beginning to tend to sideways. This is a signal that the market stops falling and stabilizes. At the daily level of gold, please pay attention to the support level near the 1125 level of gold. This is the support level of gold's large cycle level. The divergence of the daily level has been formed. Pay attention to the repair of the divergence of gold's daily level. At the same time, the Bollinger Band at the daily level began to close. In the morning of today, gold was also mainly rebounded, and the rebound after the oversold intraday gold was mainly rebounded.
On the 4-hour chart, the gold trend on Tuesday tends to fluctuate downward, and gold has been fluctuating in the range of 1125 to 1143. The 4-hour level of gold has now appeared again. Pay attention to the repair of the 4-hour level divergence of gold. At the same time, today we pay attention to the support of the 4-hour level Bollinger lower track in gold. At present, the 4-hour level of gold has shown weak decline. Every decline is an opportunity to enter to go long , but if you go long, it is recommended to be short and long. At present, the 4-hour level of gold is still a process of oscillating to build a bottom . If you want to buy gold long positions at the bottom, the best light position operation is to hold on to 1125-1127, you can still take long positions at a low price.
12.21 Asia and Europe City Operation Suggestions:
Gold: Pressure 1140/1143/1157 Support 1135/1124/1120;
Silver : Pressure 16.77/16.65/16.50 Support 16.00/15.80/15.73.
strategy: (1) If gold prices pull back near resistance of 1143, short the market, and the target pressure is 1130.
(2 If the price is supported at the 1130 line, enter the market and go long, the target is 1143 line.
