Spot gold trading strategy: gold price guards the 1900 mark, pay attention to the minutes of the Fed meeting
During the Asian session on Wednesday (August 16), spot gold fluctuated within a narrow range and is currently trading around $1,904.84 per ounce. The strong U.S. retail sales data overnight fueled speculation that the Fed’s interest rate hike cycle has not yet ended, keeping gold prices under pressure. However, the price of gold is still supported by the 1900 mark, and the bulls still have some opportunities.
The market is turning to the minutes of the Fed meeting, which will be released at 2:00 am Beijing time on Thursday. In July, the Fed will keep the current interest rate unchanged. The possibility of the meeting minutes being dovish is slightly higher, which is expected to provide some opportunities for gold prices to rebound. In addition, investors also need to pay attention to the data of the US housing market. This trading day will release the initial value of the annualized total number of new housing starts in the United States in July and the annualized total number of building permits in the United States in July.
It needs to be reminded that the U.S. dollar index is currently suppressed by the 200-day moving average, and has been blocked for many times, while the 10-year U.S. bond yield is also suppressed by the resistance of the more than 15-year high hit in October 2022. If the U.S. dollar and U.S. bond yields The decline in interest rates may provide an opportunity for gold prices to resume their gains.
Daily line level: shocks and declines; MACD dead cross, short-term moving averages arranged in short positions, Bollinger Bands open slightly, pay attention to the support near the June 29 low of 1892.85, if it falls below this support, the gold price may follow the Bollinger Bands down track in the market outlook Accelerating the decline, the target may be around the high point of 1858.13 on March 6. In the short term, there are still some supports at the low point of 1885.66 on March 15 and the 1880 mark respectively, and the high point support on March 10 is around the 1870 mark.
Since the KDJ initially formed a golden cross after sending out an overbought signal, and the price of gold temporarily held the support around 1892.85 and rose above the 1900 mark, it is necessary to beware of the possibility that the price of gold will rise back to the Bollinger Band in the future market; the initial resistance is on the 5th The moving average is around 1907.93, and the resistance of the 10-day moving average is around 1919.22. If this position can be regained, it will weaken the bearish signal in the market outlook; for further resistance, refer to the 1930 mark, and the resistance at the high point on August 10 is also near this position. The double resistance of the moving average is around the 1940 mark. If this resistance can be broken, it will increase the bullish signal for the market outlook.
Resistance: 1907.93; 1919.22; 1930.00; 1940.00;
Support: 1900.00; 1892.85; 1885.66; 1880.00;
Suggestions for short-term operation: Conservatives wait and see; radicals are more cautious on dips.
2023-08-16 05:57:00
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