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10.9 Gold market analysis (1/2)
Gold technical analysis
Gold's non-farm payrolls bottomed out last Friday, as it was expected to bottom out, and the rebound surged to a strong finish.
The technical daily chart structure ended this round of downward adjustment. The 9-year negative trend turned positive at the end of the week, forming a bullish counterattack. The price successfully stepped out of 1 and stabilized and rebounded. The RSI indicator turned upward and the price reached above the MA10 daily moving average of 1848.
After the short-period four-hour chart RSI indicator deviated from the oversold bottom, it is currently upward and above the central axis. The hourly chart and the four-hour chart moving average system formed a golden cross opening upward at 1821/1823 respectively.
In the morning, gold opened with a short jump and opened higher at the 1847 line. It experienced a shock at the opening and continued to rise. At present, gold has also risen to the 1855 line and has fallen back. Gold bulls have begun to stabilize after the non-farm payrolls, and it continued to rebound before the close. Gold has continued to rebound for nearly 20 points, and even if it pulls back, it has not fallen below the 1825-1830 mark and has continued to fluctuate. This overall shows that the strength of the short positions has begun to slowly dissipate, and the market will gradually confirm the long position, so our short-term operations Then you can use 1825 as the final support and gradually go long.
Affected by the news of the Palestinian-Israeli conflict over the weekend, gold jumped sharply on Monday and traded volatilely after 1855. The gold price is now trading in a ten-point range, and it is expected that it will maintain this range before the European market and even before the US market.
There is still a need to cover the gap between the upper and lower parts of the market, so in the future market operation, it is still necessary to go short to see how to cover it. Today, the main operation is to find a high position to short.
Specific ideas
It is recommended to go short near 1855, stop loss 1860, and target to cover the gap near 18330; go long below 1828, stop loss 1820, and target around 1845 before making plans. (For reference only, proceed at your own risk)