In the Asian market on Wednesday, the U.S. dollar index closed at 104.16, continuing its weak trend after being short overnight. The U.S. core consumer price index (CPI) in October was unexpectedly weak, rising 4% year-on-year, below expectations of 4.1%. Gold prices stabilized at 1,962 after an overnight rally amid sharp selling in the U.S. dollar, which was affected by CPI data, causing the U.S. dollar index to fall sharply. However, in the Asian market, gold reached the 1970 position again after establishing its foothold in 1962.
Gold experienced a bottom-out recovery process on Tuesday, with the lowest point at the 1943 area, forming support. The highest point appeared after the US market accelerated, reaching 1970.74. The closing price was 1963. There is a big positive line on the daily chart, the low price did not fall below the previous low, and the high price broke through the previous high, showing that the upward trend is still continuing, and the market outlook is bullish. From a four-hour perspective, gold formed a support when it hit around 1930 and began to rise, and has now entered the second wave. After breaking through 1948, a small N-shaped breakthrough appeared. It is expected that there will be a small adjustment in the short term, but the overall upward trend will not change.
Based on the above analysis: After the gold pattern breaks through, you can first consider retracing and going long today.
BUY:1956~1959
SL:1952
TP1:1965
TP2:1970
SELL:1977~1980
SL:1984
TP1:1971
TP2:1965
Gold experienced a bottom-out recovery process on Tuesday, with the lowest point at the 1943 area, forming support. The highest point appeared after the US market accelerated, reaching 1970.74. The closing price was 1963. There is a big positive line on the daily chart, the low price did not fall below the previous low, and the high price broke through the previous high, showing that the upward trend is still continuing, and the market outlook is bullish. From a four-hour perspective, gold formed a support when it hit around 1930 and began to rise, and has now entered the second wave. After breaking through 1948, a small N-shaped breakthrough appeared. It is expected that there will be a small adjustment in the short term, but the overall upward trend will not change.
Based on the above analysis: After the gold pattern breaks through, you can first consider retracing and going long today.
BUY:1956~1959
SL:1952
TP1:1965
TP2:1970
SELL:1977~1980
SL:1984
TP1:1971
TP2:1965
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