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ZFX: Euro Session Gold Review – Wandering Between Bitter and Sweet, Gold Price Ranging

ZFX: Euro Session Gold Review - Wandering Between Bitter and Sweet, Gold Price Ranging | Zeal Capital Market

Trend review : Tuesday (February 11) gold price fluctuations, the trend of waves, the main due to the mixed long-short factors, the formation of a good light contention. Gold prices opened slightly lower at $1,571.6 on Tuesday, to take on Monday’s lack lustre, early on has seen downward pressure, fell through the $1570 level, although the Asian market occasionally counter-attack, but still subject to this pass, the situation remained until the European market session. Entering the U.S., gold prices began to recover, once challenging the intraday high of $1,574, but then a sharp drop, as low as $1,562. However, the gold price fell quickly and then again, again to the $1,570 mark, and finally closed at $1567.6, down 0.28.



Fundamentals / Market News : Although gold prices fell modestly on Tuesday , the intraday volatility was relatively large , reflecting the subject or mood of the market . As investors concerned about the new confirmed cases of pneumonia, the phenomenon of slowing growth began to appear, to a certain extent to ease the financial market tension atmosphere. Risk appetite emerged on Tuesday, with money flowing back into the stock market, with the S.P. and Nasdaq hitting record highs for two consecutive sessions.


The market is turning positive as Chinese experts predict that the pneumonia outbreak will peak in February and end in April, and that the NEW World Health Organization vaccine could be completed within 18 months. Jacob Leung, an analyst at ZFX, said that while the problemremains remained, at least investors were given some time-time guidance, which could ease some of the uncertainty.


But last night, federal Reserve Chairman Colin Powell appeared before Congress for a semi-annual monetary policy hearing, after testimony came to light, gold prices suddenly rebounded. Mainly Powell pointed out that the Fed will closely monitor the impact of the current global outbreak, meaning that there is further easing of speculation. But at the same time, Powell’s bullish outlook for the U.S. economy means that there will be no major policy changes, triggering a subsequent wave of sharp losses.


In any case, investor confidence remains fragile and erratic, with last night’s sell-off in the US stock market triggering a return to gold for safe-haven funds. ZFX analyst Jacob Leung said it was clear that the market had never given up holding gold, or that it was used as “insurance”.


Even if there is plenty of good news in the market, investors are still uneasy, as the future development of the epidemic is still unknown, highly vigilant state, the risk appetite atmosphere is difficult to sustain.

ZFX: Euro Session Gold Review - Wandering Between Bitter and Sweet, Gold Price Ranging | Zeal Capital Market

Short-term technical trend : the hour chart shows that the gold price lost the support of the cloud chart, fell under the cloud, the trend becomes more light. However, the golden ratio of 50 of this wave becomes another support, but above the pressure cloud chart, forming a interval glue. As has been mentioned, there is no breakthrough above, the next measure below $1,565, does not rule out a larger adjustment, back below $1,560.

(Cloud Ichimoku: 9,26,52; Relative Strength RSI: 10)


Support level: 1562;1558 Resistance level: 1569;1574


On the trend, the gold market began to decline, but the downward space was suppressed.


Suggestion: The previous recommendation is 1568 short single stop loss at 1573. After leaving the market, break 1568 short, the target did not reach 1561, changed to 1563, stop loss seal 1568. (It is recommended not to consider the spread of the offer)



Risk Tip: The above contents are for informational purposes only and do not represent ZFX’s position, and ZFX does not assume any form of loss arising from any trading and purchase operations conducted herein. Please firmly their own thinking, do a good job of risk control.


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