According to the survey released on Friday (April 5), the poor non-agricultural employment data released by the United States and the possibility of gold price rebounding from this week's low point mean that gold price will strengthen next week.
Of the 34 market participants surveyed, 29 responded, of which 19 were bullish, 6 were bearish and 4 were flat. Market participants include spot gold traders, investment banks, futures traders, money managers and technical analysts.
Several market participants believe that the poor non-farm employment data in the United States is a sign that the country's economy is in trouble again. In addition, some people said that the price of gold fell too much and too fast this week, so the international price of gold will rebound from this week's low next week.
RalphPreston, senior market analyst at HeritageWestFinancial, said: I suspect that the international gold price will fall below $65,438+$0.525 per ounce, and further decline. Central banks around the world are issuing more money, and the employment data released by the United States in the day is not good. Unfortunately, the quantitative easing policy in the United States has not promoted economic growth. Although the international gold price may test the monthly support of $65,438+$0.525 per ounce, the gold market will never weaken. At present, the price of gold fluctuates within the trading range of many years.
Look at how bad spot gold is: a country capable of launching atomic bombs has declared war and threatened to use their weapons, but spot gold is dismissive, said IraEpstein, an analyst at LinnGroup. When was the last time you saw this?
Technical analyst JimWyckoff said: Short-term technical graphics suffered serious damage this week, but in the near future, the market is currently in a state of oversold technology.
From the analysis of technical form, the spot weekly small yin of gold ends the double small yang form, but the strength is limited. Efforts are still needed to expand the results. On the daily line, the alternation of yin and yang once again penetrated the important support, and many parties lost again. On the four-hour line, the third consecutive yin fell, and the empty side seemed to be trying to continue the attack. Many parties need to be highly vigilant. The strategic transformation has not yet been completed. Both sides can't slack off. Shock is still the main idea, and we must guard against unilateral assault.
When the price of gold goes up, the breakthrough 160 1 can be long, and the breakthrough 1609 can be closed first. This is the main theater last week. There will be strong enemies left behind, and you can short if you can't break through. If the conquest continues, you can chase the air to 16 17 and then sell gold backhand.
When the gold price goes down, you can short below 1592 and close your position at 1584, which is an important support area. There will be strong support to intercept, and you can do more without breaking the support. If the position continues to fall, you can wait until 1577 to buy gold. The market is more complicated on Monday, so you need to be more careful!
The upper resistance level: 1609, 16 17, the dividing line of strength: 160 1, and the lower support level: 1592, 1584.