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Last week, except for the severe fluctuations in the market on Monday, the gold market was in a sideways shock. The highest point of the shock range was 1906.79 and the lowest point was 1855.47. This week, we need to pay attention to the breakthrough of this range and choose the opportunity to follow up. . International oil prices first fell and then rose last week. The US and Burundi oil futures surged 3% on Wednesday, but failed to erase the early-week decline. WTI crude oil closed down 1.51% weekly, and Brent crude oil fell 1.93% weekly.

Fundamentally: During the Asian session on December 28, spot gold rose sharply, approaching the 1900 mark again. On the one hand, Trump signed the new crown relief bill into law. On the other hand, the mutant strain has spread to the world and forced more than 40 countries to impose travel bans on the United Kingdom. Japan announced a one-month lockdown. In the short term, this  will have a bullish effect on the price of gold.

.Note: XAUUSD.1 hour MT4 day chart

Technically: Crude oil continued its technical rebound last week to 48.62 points. From the current one hour, the MACD volume can clear the rebound will be weakened. Today, pay attention to the upper pressure of 48.80,  the first time it hits a high short position, stop loss and make a profit of 35 points; support 47.56 below. If the position breaks in the day, you can follow up the short order and stop loss and profit by 35 points. From the current daily line, the market is bearish, and it is recommended to go short on rallies.

Earlier in December, OPEC and its allies agreed to hold monthly meetings in the future. Saudi Energy Minister Salman said that more frequent OPEC+ meetings would mean driving oil prices in the coming months. The decision makers in the market will be the oil-producing countries, not the speculators. After the British government completely blockaded London and southeast England, a new round of restrictions may put pressure on the recovery of global crude oil demand. In addition, if Russia is determined to increase production, it needs to be alert to short-term fluctuations in the oil market.

Technically, gold fluctuated in the short-term and moved upward along the upward trend line extending at the end of November. However in the long-term, it will run in a downward channel.  This week the main concern for gold is whether the range of 1906.79 and 1855.47 can be broken, and the possibility of maintaining the high range of oscillation before this is relatively high. In the morning, gold opened higher  directly hitting the 1900 mark and then fell under pressure. It is expected that it will step back to the 1890 position in the midday. . Intraday long and short turning point is 1887, if there is a break. You can directly follow up the short order, with a stop loss and profit setting of $3.5.

contact Jack of spark global for trading advice at www.sglfd.com

Market review By Jack at Spark Global

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