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At the beginning of the Asian market on Wednesday (March 27), spot gold fluctuated in a narrow range and is currently trading near $2178.52 per ounce. Gold prices edged higher on Tuesday, briefly approaching the 2,000 mark during the session as expectations of a Fed rate cut strengthened, but the dollar index reversed ground and rose as stronger-than-expected U.S. durable goods orders data narrowed gains to 0.3% to close at $2,178.49 an ounce.
The outlook for first-quarter growth remains positive with U.S. durable goods orders rising more than expected in February, while corporate equipment spending also showed initial signs of recovery. But with the November presidential election approaching, incumbent President Joe Biden will face off again with Republican challenger Donald Trump. Americans' worries about the political environment are growing, while fears of a recession over the next 12 months have eased, according to a survey by the World Enterprise Research Institute on Tuesday. Durable goods orders rebounded, partially reversing a sharp January decline and suggesting that the manufacturing sector may be regaining its footing after struggling after the Federal Reserve's aggressive interest rate hikes.
U.S. manufacturers were quite optimistic about sales and operating conditions in March. Manufacturing output rebounded in February. But the industry is not out of the woods yet. Orders for computers and electronics fell 1.4 percent in February, while orders for electrical equipment, appliances and components fell 1.5 percent. Non-defense durable goods orders, excluding aircraft, rose 0.7% in February and fell 0.4% in January, a barometer of closely watched corporate spending plans. Gold hit an all-time high of $2,222.39 last week after Federal Reserve policymakers said they still expect to cut interest rates by 75 basis points by the end of 2024. At the moment, traders are pricing in a 71% chance of a rate cut in June.
3.27 Spot Gold Market Analysis:
Gold opened yesterday near 2171, the Asian market pullback below the low point of the strong support position 2167 after the first line began to rebound, after the European market opened a slight shock after the rebound trend, soared to a new intraday high near 2200 around the pressure position, and then rushed back to the end of the day to give up all the gains in the day, the daily line to collect a long shadow of the small yang trend. On the daily line, the Bollinger band is in the running state of closing, the K-line continues to rebound at a low level, and the MA5 and MA10 moving averages have signs of gradually flattening the trend. Short-term look at the Bollinger band flat trend, the upper and lower rails on the K-line oscillated back and forth, MA5 and MA10 moving averages near the middle track of the flattening trend, MACD can even the column gradually shrink the operation, KDJ indicator golden cross, short-term look at today's bottoming up trend, strong support position is much lower, continue to see the pull-up.
3.27 Spot gold operation suggestions:
1. Go long near 2171/2173 below, stop loss 6.5 US dollars, and target 2185-2206-2233;
2. Test long near 2150/2152 at any time, stop loss 6.5 US dollars, target 2163-2178;
3. Short near 2233/2235 above, stop loss 6.5 US dollars, target 21-2170;
4. If the market changes, we will give suggestions separately, please pay attention;
3.27 Spot White Bank Analysis:
Silver opened near 24.64 yesterday, the Asian market slowly fell trend, the European market began to rebound after testing the low support position below the 24.5 line, the U.S. market pulled up to the intraday high pressure position of 24.88 line and began to fall, the end of the day refreshed the new intraday low to 24.36 a line of strong support, the daily line received a long shadow of the small yin trend. On the daily line, the Bollinger bands are in the running state of closing, the MA5 and MA10 moving averages are in the middle of the band, and the MACD energy column is gradually shrinking the operation, the KDJ indicator is a golden cross, and the daily cycle looks at the trend of bottoming out today, and the overall continues to see a wave of pull-up, and the low and long operation can be. Short-term look at the Bollinger band opening to run downward, K-line rebounded in the lower strong support position, MA5 and MA10 moving averages began to turn around and diverge downward in the running trend, MACD energy column is gradually shrinking the operation, KDJ indicator golden cross, short-term look at today is still much lower, continue to see the rebound upward trend.
3.27 Spot Silver Operation Suggestions:
1. Go long near 24.23/24.46 below, stop loss 24 US dollars, and target 24.84-25.56;
2. Test long near 23.85/24 at any time, stop loss 23.62 US dollars, target 24.86-25.42;
3. Short near 25/25.23 above, stop loss 25.28 US dollars, target 24.53-24.12;
4. If the market changes, we will give suggestions separately, please pay attention;
3.27 Crude Oil Market Analysis:
Crude oil opened yesterday near 82, in the shock trend of Asia and Europe, the U.S. market rebounded from the intraday high pressure position of 82.4 and began to fall after the line, and the end of the continuous plunge, refreshing the new intraday low to around 81.2, and then the shock closed, the daily line received a small negative trend. On the daily line, the Bollinger band is gradually flattening, the K-line temporarily tests the upper rail pressure falling, the MA5 and MA10 moving averages in the middle of the track begin to run flat, the MACD energy column volume trend, the KDJ indicator is a dead fork, the daily cycle looks at the rebound today, continues to see the fall, and the pressure position can be short. Short-term look at the Bollinger band opening to run downward, K-line strong support near the run, MA5 and MA10 moving average highs began to turn around and diverge downward in the running trend, MACD energy column is gradually shrinking the operation, KDJ indicator death fork, continue to see the decline today, any rebound is an opportunity to short, high-altitude operation can be.
3.27 Crude Oil Operation Suggestions:
1. Test short near 81.6/81.8 above, stop loss 82.8, target 80-78.2;
2. Test 83.5/83.8 near short at any time, stop loss 84.7, and look at 82-81.3 under the target;
3. Go long near 78/78.2 below, stop loss 77, target 79.6-81;
4. If the market changes, we will give suggestions separately, please pay attention;
(The above article was originally written by Xiaobing Finance, please indicate the source for reprinting.) Xiaobing Financial Management warmly reminds that investment is risky, and you need to be cautious when entering the market. The above only represents the personal views of Xiaobing Financial Management, and is not used as a basis for operation, and the operation is at your own risk)