Mo Shi: Gold prices fall under pressure, the U.S. index regains its gains

In the morning session, the gold price was under slight pressure. The current trading volume is below US$1,800. Yesterday, the price of gold remained firm above US$1,800. The yield on U.S. Treasury fell. Earlier, the minutes of the Federal Reserve’s June meeting showed that officials believed that the economic recovery has not yet been achieved. Substantial progress” goal.

The minutes show that officials generally believe that the threshold for reducing the scale of monthly debt purchases has not yet been reached, but it is expected that under the continuous improvement of the economy, the discussion of gradually reducing debt purchases will continue to make progress.

technical analysis:

The trajectory of the market does not necessarily run the way we like. There are some things you don’t like, but you have to do; there are some quotes you don’t like, but you have to think about it. When encountering trends that we don’t like but are unable to change, the only thing we can do is to endure. After enduring the lonely night, the sky will be bright; after enduring the cold winter, spring will come. The patience is calm and calm, and no matter how difficult the trend is, it is nothing but a cloud.

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Because the minutes of the Fed meeting are basically in line with market expectations, rather than showing more unexpected hawkish signals. The threshold for reducing the bond purchase plan has not yet been reached. The rising inflation largely reflects temporary factors. The weakness of U.S. bond yields has pushed up the price of gold. However, as the Fed is still showing a hawkish stance, the US dollar quickly rebounded, and the current gold price has begun to fall gradually.

The lower support once again tested the 1750~1780 range. There will be a game in the short term. From the perspective of the rebounding strength of the U.S. index, it is unlikely that the gold price will regain the bullish momentum, but the possibility of a downward breakthrough with the help of the meeting minutes. It will be greatly strengthened. The lower 1750 is the key. When it climbed upwards, it took several weeks to stabilize and break through. So it is reasonable to suffer short-term support. The breakthrough here is connected to the 1730~1700 support, so in the market Before breaking through, maintain the baptism of shock within the interval, and slowly wait for the market to further break through. Our petition 1800~1820 to build a position is still applicable, first look at 1780 and then 1750 support, if you can break, you can follow 1730~1700.

Brother Silver’s words also dived step by step from the high of 26.7 the day before yesterday. After the highest test of 26.4 yesterday, it directly penetrated the 26 mark. After the morning Asian market oscillated around the 26 mark, it has already broken down at this time, so today’s lower support will first look at 25.8. Looking at the 25.5 support later, now that this rally is over, a new round of breaking down will also come. The position we built in the upper 26.3~26.5 range is still applicable to the near-term pattern. First, slowly look at the 25.5 support, and then at 25.3, where we are lost. After that, 24.4~23.5 is the key watershed defense. The current market continuity is not strong. Under the unilateral trend, there is still a strong rebound. Keep patience and wait for the market to test further.

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