The $1670 breaks through and effectively stands firmly, and the space can be further expanded on the upward view. This is the analysis tip given yesterday. Although it touched $1671 during the session, it did not hold on to the increase . The European session began to fall since then. The US session continued to decline below $1650. The next night session broke through the previous low of $1644, reaching the lowest point to $1640, with a decline of more than $30 throughout the day, and the final price closed lower.
The upward trend did not reach the expected level, and the downward trend fell below the previous low level. The final price closed lower, resulting in changes in the technical pattern, especially in the weekly line, recording a large negative in the first single-week decline in three weeks. The short-term indicator turned sharply downward, and the K-line trend remained consistent. Overall, the bears dominated.
The US September consumer price index released this week was higher than expected, enhancing the confidence that Federal Reserve will raise interest rates by 275 basis points next month. US dollar index then rose strongly and then turned down. However, yesterday, it rebounded again from low intraday, and the final price closed around 113.26, which strong performance suppressed the buying power of gold prices.
From the current technical perspective, including fundamental information, it is not enough to support the rise of gold prices again. The rebound is only a repair of the indicators. The trend of maintaining the daily line in the downward track is obvious. The dense suppression area of each moving average is located in the area of 1,660 US dollars. Next, even if it rebounds, you will see it near this level.
In the downward trend, it is better to look at US$1,640 first. After the actual drop below the level, it will be the low of US$1,614 at the end of September. After the weak break, it is not ruled out that it will reach again. Therefore, next week, the price will either rebound to test the upper resistance, or fall below the trend and continue to explore the low at the end of September. In short, the existing news and technical aspects are inclined to the bear side.
U.S. crude oil prices rebounded to 88.5 under pressure and turned down, and fell in one breath to around 85.87. This is the low level that the US market touched before the market. After the consolidation operation, it continued to decline after the US market opened. The lowest level in the next night period reached 84.25, and the whole day period maintained a downward trend, and the final price closed lower.
No suspense, the weekly line recorded a large negative physical negative for bald head and bare feet, which formed a significant contrast with the bald head and bare feet large positive line in the weekly market. The weekly moving average remained downward, and the upward potential energy loss of the short-term indicator was completely lost. Based on various indicators, the weekly line showed weak performance.
In fact, since Monday this week, oil prices have maintained a downward trend. Except for the intraday rebound on Thursday, the final rebound was just a flash in the pan. This rebound made us miss the opportunity to short for , but the trend is not right or wrong.
From the daily level, US oil prices remain in the downward track. As prices fall and close lower, the corresponding resistance moves to the 89 area. Currently, there is no way to see 90 at present. Then, in the early next week, you can intervene in short selling when the price rebounds nearly 89 areas. Retrace it and look at 84. After effectively falls below , the trend decline is expected to reach the low areas of 80 and 78.
(The above sharing is purely personal opinion and does not constitute practical operation suggestions. Trading is risky, and you must bear the profit and loss at your own risk)
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