24K99 News On Monday (December 11),moment information in the European market, spot gold maintained a downward trend within the day. The price of gold is now reported to nearly $ 1992/ounce, and the day is about $ 12.FxStreet analyst Dhwani Mehta's latest article, analyzes the prospects of gold price technology.
MEHTA pointed out that with an important week, gold sellers are going to continue control.From the perspective of golden technology, the relatively weak index (RSI) turned to be short after falling below the key level last Friday, and the price of gold may further fall.
This week's gold market will usher in many key risk events, including the U.S. Consumer Price Index (CPI) inflation data and the Federal Reserve interest rate decision and the latest forecast.
Mehta said that the upcoming American incident is important for the market's interest rate expectations for the market for the Federal Reserve next year, especially after the optimistic US non -agricultural employment data last Friday will help reduce the expectations of the Fed in March next year.
The US Department of Labor announced on Friday that November of Non -Agricultural Employment increased by 199,000, surpassing 180,000 people predicted by analysts, and the unemployment rate dropped to 3.7%.
After the data was announced, the US short -term interest rate futures traders cut the betting of interest rate cuts in March. Now it is believed that the Fed is more likely to cut interest rates in May.The probability of starting interest rate cuts in March was originally 60%, and the non -agricultural was released to less than 50%.
Mehta pointed out that the US economic data was calm on Monday, the risk trend, the Fed's expectations, and the US dollar trend will continue to dominate the gold price.
Gold technology prospect analysis
MEHTA said that from the daily chart, it can be seen that after the price of gold closed at the upward trend of $ 2024/ounce last Friday, the trend has shifted to the seller.
On the 14th, the relatively weak index (RSI) was also lower than 50 levels. Entering the area of the loser, item that the price of gold prices will be further softened in the future.
According to MEHTA, after the price of gold fell below the low point last Friday and supported $ 1995/ounce in the short term, the possibility of the price of gold fell below the 1965 US $ 1965/ounce area cannot be ruled out.The price area is the convergence of the low point on November 20 and the simple moving average (SMA) on the 50th.
Before reaching the 50 -day mobile moving average, gold sellers need to overcome the static support level of $ 1980/ounce.
(Source of spot golden daily chart: FxStreet)
At the same time, MEHTA pointed out that gold buyers need a daily market price to be above the 21st to the US $ 2005/ounce to start a short -term recovery of $ 2040/ounce resistance area.
After that, the 2018 USD/ounce on November 27 may challenge the loser commitment.