Gold prices have struggled with inflation-fueled gains over the past week, closing lower on Monday and Tuesday. Although gold managed to regain momentum on Wednesday, it failed to gather enough bullish momentum to clear the $1870 resistance and fell to the lower limit of the weekly volatility range, closing below $1860 ahead of the weekend. Rising US Treasury yields made it difficult for gold to continue higher at the beginning of the week. Benchmark 10-year Treasury yields rose to a weekly high of nearly 1.65%, helping the dollar stay strong. The U.S. Census Bureau reported Tuesday that retail sales rose 1.7 percent month-on-month in October, compared with market expectations of 1.4 percent. The data reminds investors of strong commodity inflation. Fed Vice Chairman Clarida: It is likely appropriate to discuss accelerated debt reduction at the December meeting. This is the direct cause of last night's gold plunge, and the Fed's number two person on Wednesday is also talking about raising interest rates, but these are all tricks for the Fed. Therefore, if the market wants to fall sharply, it must be repeatedly swept away! At present, gold belongs to the shock trend after the end of the rise, the market opens a turning point, in the range of 1840-1878, there may even be a deep correction, Friday's market fell sharply, once again proved the accuracy of our judgment! This week's idea of sticking to the highs is completely correct!
This week gold did not continue to appear as expected, under the suppression of the 1877 line, the bulls finally stopped, and the second fall below 1848 on Friday also shows that the bears have arrived, which means that the previous 1757 ~ 1877 this band of rise has come to an end, from 1877 into a new adjustment cycle. The gold weekly line closed negative, next week tends to oscillate, above the focus on resistance 1866, below focus on support 1840. Next week gold is still holding the 1878 high pressure dry short, below continue to pay attention to the support of the 1840 position, 1840 is the current long-short watershed position, this position gold temporarily identified as 1840-1878 range shock trend, once broken, the rise will turn into a fall!
Next Week Action Policy:
Gold is short at 1858-60, stop loss 1865, target near 1841
Crude Oil Trend Analysis:
In the face of rising global energy prices, the Biden administration recently issued a request to major asian countries, Japan, South Korea and other major global oil consumers, urging the release of their respective countries' crude oil inventories to solve the problem. The news of the release of crude oil reserves by Asian powers has helped oil prices to fall, but the scale of release and the uncertainty of the attitude of other countries have made the market worry that the release of reserves is limited to curb oil prices; oil prices need to pay attention to the further statements of countries on crude oil reserves in the short term, and if countries have accepted the release of crude oil reserves, oil prices may fall sharply to the 70 mark. As the weekend approaches, keep an eye on the suddenness of fundamental news. 4 hours, the Bollinger band opening downward, the price shows a shock downward trend, the overall trend is bearish, the intraday operation is dominated by rebounding high, the short-term focus on the resistance near the middle Bollinger band, that is, the 79.4 line, the lower focus on the support near 74.3. Therefore, next week still maintains a bearish dominant idea, friday has fallen below the 38.2% position of the golden section at 76.37, meaning that the decline will continue to look to the 50% line of 73.57.
76.7 short, stop loss 77.3, target 74-73