Gold price is difficult to break through 1803 resistance
2019-04-22 11:04:31
The European Central Bank’s re-emergency operation announced in the European time period failed to promote the further rise of spot gold. The spot gold price fell back to 1781 after hitting a 1790 high point.
The U.S. GDP in early morning and the Chicago Purchasing Managers Index were all better than expected. Market sentiment remained good and spot gold tried to recover.
However, US stocks quickly fell after the Fed’s speech from Bernanke, and the spot gold price fell sharply again. It has now fallen below US$1,730, setting an intraday low.
Bernanke said in his speech that the euro zone is still facing challenges. Given the pace of economic growth, the unemployment rate is falling faster than expected, but the job market is still in an abnormal state. The overall content of its speech is not very optimistic, which may make the market The economic outlook is slightly under pressure.
In addition, the U.S. dollar index rose by more than 50 points and is currently oscillating around 78.61. The euro fell below 1.3400 to refresh the intraday low.
HSBC (HSBC) yesterday (February 29) pointed out that the high of 1803 gold price in November last year will be a key technical resistance. Once the price of gold breaks this level, the intervention of technical buying and momentum traders will make The price of gold continued to rise for some distance.
When gold breaks through the more obvious resistance level, the long-selling longs and the short-strapped shorts will jointly push up the gold price, but the gold price will still face two obstacles if it wants to break through the 1803 resistance.
The Irish Prime Minister stated that the country will hold a referendum on the euro zone financial agreement, which increases the political uncertainty in the euro zone and that gold prices may follow the euro’s decline. In addition, crude oil stagnated after a 9-month high, and the International Energy Agency (IEA) recently pointed out that global crude oil demand is weak.
In addition, physical demand for gold coins and buying interest in emerging markets are inhibited, and it may be difficult for gold to break through the resistance range of 1800-1803.
At 09:03 GMT, today's gold price is reported at 1,712.77 US dollars per ounce.
The U.S. GDP in early morning and the Chicago Purchasing Managers Index were all better than expected. Market sentiment remained good and spot gold tried to recover.
However, US stocks quickly fell after the Fed’s speech from Bernanke, and the spot gold price fell sharply again. It has now fallen below US$1,730, setting an intraday low.
Bernanke said in his speech that the euro zone is still facing challenges. Given the pace of economic growth, the unemployment rate is falling faster than expected, but the job market is still in an abnormal state. The overall content of its speech is not very optimistic, which may make the market The economic outlook is slightly under pressure.
In addition, the U.S. dollar index rose by more than 50 points and is currently oscillating around 78.61. The euro fell below 1.3400 to refresh the intraday low.
HSBC (HSBC) yesterday (February 29) pointed out that the high of 1803 gold price in November last year will be a key technical resistance. Once the price of gold breaks this level, the intervention of technical buying and momentum traders will make The price of gold continued to rise for some distance.
When gold breaks through the more obvious resistance level, the long-selling longs and the short-strapped shorts will jointly push up the gold price, but the gold price will still face two obstacles if it wants to break through the 1803 resistance.
The Irish Prime Minister stated that the country will hold a referendum on the euro zone financial agreement, which increases the political uncertainty in the euro zone and that gold prices may follow the euro’s decline. In addition, crude oil stagnated after a 9-month high, and the International Energy Agency (IEA) recently pointed out that global crude oil demand is weak.
In addition, physical demand for gold coins and buying interest in emerging markets are inhibited, and it may be difficult for gold to break through the resistance range of 1800-1803.
At 09:03 GMT, today's gold price is reported at 1,712.77 US dollars per ounce.
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