Federal Reserve Chairman Powell was unexpectedly very hawkish when he testified on the semi-annual monetary policy report on Tuesday. He said that after raising interest rates at a faster pace, future interest rate expectations may be higher.This caused the market's expectations of the Federal Reserve raising interest rates by 50 basis points in March to quickly heat up, and triggered a full-scale rebound in the dollar, which suppressed gold prices to the weakest level in four trading days at 1813.
In addition, investors also need to pay attention to the US “small non-farm payrolls” APD employment data this trading day. The market expects ADP employment to increase by 200,000 in February, compared with the previous value of 106,000. This expectation is biased towards bearish gold prices; In addition, this trading day also needs to pay attention to the speech of Richmond Fed Chairman Barkin and the semi-annual monetary policy testimony delivered by Fed Chairman Powell to the House Financial Services Committee. Powell's speech is estimated to be much the same as Tuesday, but if Barkin's speech further strengthens the expectation of raising interest rates by 50 basis points in March, it may further suppress gold prices.
Technical aspects:
Gold was physically saturated with the big negative line yesterday, and it continued to fall below the 5-, 10-, and 20-day moving average, and the gold price fell below multiple key support levels. It is currently trading at the 1814 line. This state is enough to change the previous pattern of strong rebound.At present, both technically and the market's expectations of future fundamentals, gold bulls will not get any advantage, and the overall market sentiment will turn short again. The lack of any rebound in the market is enough to show that the current market short sentiment is very heavy.
At present, the bulls can't see a little bit of rebound power, and there is too much room for a short-term decline last night, so don't chase the short-term for the time being. At present, the market is in a weak correction transition. I look forward to a certain technical rebound in the market. Take advantage of the rebound and then consider short-term participation. During the day, you can first pay attention to the first rebound after the overnight fall. The small high is near 1823, and continue to pay attention to the 1810-1805 support area below.
Operationally: You can participate in empty orders when you rebound to near 1823, the expected target: 1810-1805; you can try to go long in small batches when you step back to near 1805 for the first time, and the expected target is near 1823.
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액티브 트레이드
At present, the price of gold is still fluctuating, waiting for further guidance from ADP and the Fed's speech tonight.
액티브 트레이드
U.S. ADP data shows that the forecast value is 20 and the actual value is 24.2, which is higher than expected and bearish for gold.
액티브 트레이드
Although the ADP data is bearish on gold, the current gold market is relatively resistant to decline, and the strength of bearishness is limited. Later, observe the further speech of Fed Chairman Powell and observe the reaction of gold to the market.
액티브 트레이드
Regarding the Fed's Powell speech, it should release the same hawkish remarks as yesterday. I estimate that after Powell releases the hawkish remarks, there will not be much room for gold to fall. At that time, there may be opportunities for a short-term rebound.
액티브 트레이드
At this stage, gold has a short-term rebound, reaching as high as near 1824.3, but due to the pressure above, gold's increase is limited, which is in line with my previous expectations.
액티브 트레이드
Gold has given us the opportunity to sell near the 1823 position, and the lowest price of gold has stepped back to near the 1816 position. Now gold has once again shown the intention to withdraw, so pay attention to the room for retracement.
코멘트
The short orders on the first line of the current gold price of 1815,1823 are profitable again, please pay attention to the profit space
액티브 트레이드
The short order established in 1823, now the gold market has reached the first line of 1813, conservative people can take a profit part of the chips, and leave a part to see the first line of 1810 and below.
액티브 트레이드
Before the release of the February quarter-adjusted non-farm payrolls data in the United States on Friday, the market should be relatively cautious and unilateral markets will not easily appear.
액티브 트레이드
The current price of gold is around 1813, and the sell order around 1823 makes a big profit