Gold glitters, what about the future market? The ups and downs of gold prices in the eyes of ordinary people
Ah, this gold, since ancient times it has been a symbol of wealth, and now it has become our investment and financial management "hot cake". Last week, the gold market was extraordinarily lively, with gold prices like a roller coaster, up and down, making people feel both nervous and excited.
Let's talk about the specific trend of gold last week. At the beginning of the week, the gold price opened at a high of $2650.53 per ounce, but it didn't take long to encounter resistance and fell all the way to $2604.75. This decline scared many people, thinking that gold is not popular anymore? But don't worry, the short-term momentum soon slowed down. Although there was still pressure on Wednesday, there was a turning point on Thursday. After a brief decline, the gold price rebounded and returned to above the middle track line, closing with a positive line. On Friday, the gold price continued to rise, reaching a high of $2661.11, but it eventually fell below the resistance and closed at $2656.55. Over the week, the gold price was like playing on a trampoline, up and down, and the final increase was only 0.23%. However, the thrilling journey made us onlookers watch with great interest.
The US dollar index and US Treasury yield are like the "archenemy" of gold prices. When they rebound, gold prices are under pressure. Fortunately, gold prices are not easy to bully, they have buying support! Just like us ordinary people buying vegetables, if someone sells, someone will buy, and the same is true for gold prices. Although the US dollar and US Treasury yields are rising, many people still have a good opinion of gold and think it is a good choice for risk aversion.
In the third quarter, the holdings of global gold ETFs increased by nearly 95 tons! This is the first time in ten quarters that gold demand has made a positive contribution. It seems that gold is still loved by people, and everyone regards it as a treasure. Moreover, as the festival season approaches, the demand for gold in the Indian market is also picking up. Traders have even started to charge a premium, which is the first time in two months! This further boosts the physical demand for gold, allowing us ordinary people to see the booming gold market.
How about the gold price trend on Monday? Alas, the gold price still failed to break through the resistance of $2660 and continued to fluctuate below this position. However, the short-term moving average has turned into support, and there are middle track lines and 30-day moving averages to support it! It's like driving, although the road is a bit bumpy, there are still road signs guiding our direction. Moreover, the ZZ indicator has also shown a bottom, which means that even if the gold price continues to operate below the resistance, it is just adjusting in a range. After the adjustment, the gold price will continue to rise! So, the support of the 5-10 moving averages and the 30-day moving average support are good opportunities for us to enter the market bullishly!
Speaking of intraday data attention, we need to pay attention to the 1-year inflation expectation of the New York Fed in September. The initial value of the US 10-month inflation rate expectation announced last Friday is rising, but don't forget that the previously announced September CPI and PPI both show that inflation is declining! It's like our weather forecast, although sometimes the forecast will rain, but in the end it may still be a sunny day. So, even if the data is strong, the gold price is just a shock or a rebound!
Let's talk about the transaction point reference. If you have spare money and want to invest in gold, you have to watch it! The first plan is to pay attention to the support below, focusing on $2639 and $2631 to do more. If it breaks through $2625, you have to be careful! The target can be seen at $2660 first. If it breaks through, continue to see the rise to $2673 and then do more! But remember, the defensive position is at $2680! The second plan is that if the first attack above does not break through $2660, you can chase the empty after stepping back 2-3 US dollars! But remember to defend 5 US dollars! The target can be seen near $2642!
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