Year1
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Fundamental analysis:
On Wednesday, global stock markets rose sharply driven by Chinese data: the US Dow Jones Industrial Average rose. Today, the Shanghai Composite Index failed to continue its strength and closed slightly as of the morning. Analysts at Kayford believe: Global risk assets surged yesterday. From the current perspective, it is difficult to determine the intraday trend. Investors need to beware of the risk of sudden changes in the market in the afternoon.
The latest data shows that the world's largest gold holdings fell sharply by . tons after yesterday's trading, with the total holdings reaching . tons. After gold prices rose this week but failed to reach a new high, bulls showed signs of being suppressed again. If the reduction of positions continues, gold prices will truly go down in the future.
A number of global economic reports were released yesterday, with special focus on China's debt problem. Although China's economic rebalancing has made progress, corporate health has also deteriorated as economic growth slowed and earnings fell, warning that increased debt by large companies in China and other emerging markets could have cross-border implications. Bringing trouble to the global financial system.
The Monetary Authority of Singapore unexpectedly lowered the slope range of its exchange rate policy today, indicating that Singapore's monetary policy has become loose. The Monetary Authority of Singapore also stated that it expects the annual economic expansion to be slower than previously expected, implying that it will no longer pursue the appreciation of the Singapore dollar against a basket of currencies! After the news was announced, the gold price quickly fell to the US$3 line, but it did not continue further.
Technical analysis:
In the daily chart of gold, the negative line has been closed for two consecutive days, and the decline in the Asian market today is also large. The price is currently lower than the short- and medium-term moving average, the indicator cross begins to move downwards, and the fast and slow lines merge again, forming a tendency of the dead cross. The R indicator temporarily moves sideways along the axis. The current trend of the daily line has turned bearish.
In the golden hour chart, the price stabilized and consolidated on the front line last night, but the price continued to decline after the opening today, falling sharply due to the sudden change in Singapore's exchange rate policy. The current price remains slightly volatile above $3, but the overall trend is clearly bearish. If the indicator re-forms a dead cross on the axis, the negative column will lengthen and the dead cross will further expand. Continue to be bearish before the European market, waiting for rebound entry opportunities.
Operation suggestions for European and American trading on the month and day:
London gold: pressure above, support below,
London silver: pressure above, support below, support below.
Operation suggestions: If the price rebounds to pressure one in the market outlook, enter the market with a short order and target support two
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