Ireland's debt situation gradually became clear, European debt worries subsided, and the decline of Euro/USD eased. Spot gold continued the previous day's gains and once hit an intraday high of 1363.00 USD/oz. The People's Bank of China (PBOC) once suppressed the price of gold by raising the deposit reserve ratio, but since then, spot gold has stabilized and rebounded, and stabilized at the level of $65,438+$0.350 per ounce in new york.

The daily K-line chart shows that spot gold closed at a small yinxian line with a long upper shadow line on Friday. In early Asian market, spot gold rose all the way after a short sideways consolidation, hitting a high of $65,438+$0,363.00 per ounce in intraday trading. At midday in the Asian session and early in the European session, spot gold fluctuated within a narrow range, but then it went down all the way, hitting the lowest 134 1.50 USD/oz. In early trading in new york, spot gold rebounded and finally stabilized at $65,438+$0,352.00 per ounce.

Spot gold peaked at 1363.00 USD/oz, and then fell to13410.50 USD/oz, closing at 1352.80 USD/oz, down 2.00 USD/oz in the previous trading day.

Fundamental Analysis

The meeting in the State Council, China, emphasized the need to curb excessive price increases and take effective measures in time, which further strengthened the expectation of further interest rate hikes in China.

Irish Finance Minister Brian Lenihan said on Thursday (18) that Ireland obviously needs some form of external assistance.

Federal Reserve Chairman Ben Bernanke held a closed meeting with the US Senate Banking Committee on June 5438+065438+1October 17. According to some US senators after the meeting, Bernanke promised them that the Fed never tried to manipulate the exchange rate of the US dollar through the second quantitative easing policy (QE2), and promised that inflation expectations would be controlled after the implementation of this policy.

The US stock market closed higher on Thursday (18), as the market's worries about the Irish debt crisis eased, and the news that GM returned to the open market further boosted market sentiment.

The second round of quantitative easing is still the most practical problem in the market. The influx of dollars into the market will eventually lead to a continuous decline in the dollar index. Gold, silver and all commodities rebounded in the short term.

After breaking through the short-term upward trend line, the 4-hour chart of the US dollar is currently on the upper edge of the previous level adjustment, paying attention to the support of this range.

Technical analysis: From the K-line shape, it is necessary to prevent the evolution of the head and shoulders.

From the wave theory analysis, the gold price runs in the fourth wave of A on Friday. If it fails to break through 1365, the The 5th Wave of A is started to complete the whole wave of A, and the wave theory is established. If it breaks through 1365, count another wave.

Judging from the weekly line, the gold price has fallen below the five-week moving average, and it has received a negative line of the shadow line. The MACD red column is shortened, and KDJ forms a dead fork and diverges downward, which is unfavorable to the medium-term trend of gold price.

On the daily line, the rebound of gold price is suppressed by the moving average, and MA5, MA 10, MA20 are bonded, MACD green column is flat, fast and slow lines extend downward to a dead fork, and KDJ indicator is around 20, and the indicator is neutral. Strong resistance is formed near the previous upward trend line 1365.

In 4 hours, the gold price fluctuated widely in the rising channel of Bollinger Band, and the bollinger Band closed, the short-term moving average was bonded, the MACD red column was shortened, and the short-term indicators were neutral.

Combined with the above analysis, the medium-term trend of gold price is empty and will remain volatile in the short term. Next week, we should pay attention to whether we can break through the strong resistance of 1365, and focus on short-term 1365 at high altitude.

Resistance level: near 1365, 1372, 1376, 1382.

Support level: 1340, 1330, 1322)