Fundamental Analysis:The economic data in the day is relatively light, and the market sentiment is expected to be cautious. The market's main focus will be on the US January CPI released on Thursday. Although the Fed officials’ speech has been particularly hawkish recently, the Fed's interest rate decision has cooled off the market's expectation of a 50-basis points rate hike in March. The non-agricultural employment data released last week performed well, and the employment data in December was revised up significantly. The substantial increase in employment data will increase demand, but the global pandemic is still raging. In the context of the supply chain shortage problem has not been effectively improved, the market has intensified concerns about inflation. In addition, Russia, Ukraine and the US-led NATO group's divergent geopolitical risk issues have also heated up the market's risk aversion, bringing support to gold. But the market's expectations for as many as seven rate hikes by the Federal Reserve this year also capped gold's gains.
Technical Analysis:The weekly cycle price of gold is still within the triangle convergence pattern, and the triangle convergence price range is 1860-1780;Gold continues to raise from the low point on the daily cycle, and there is further upward momentum in the short-term. However, because of the CPI data in January, the upward momentum of gold prices shows signs of slowing down. Focus on the key pressure range of 1828-1830. Gold has reduced its upward momentum in the four-hour cycle, and there is a need to enter the shock adjustment. The one-hour cycle enters a shock consolidation pattern. Short-term trading is mainly based on the idea of more shocks, focusing on pressure 1828/1836/1848, support focus on 1819/1814/1808; intraday short-term trading focuses on the competition between 1808-1828, it is recommended to sell high and buy low in this range, stop loss Set at $5 and see the target in the range of $10-20.
Investment is risky, and you need to be cautious when entering the market. This is just personal advice for reference only. No trading instructions are made.
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