Analyzed by: Duke Ruan Independent Analyst

Fundamental Analysis:The economic data during the day was relatively light. Last week, the US CPI recorded a year-on-year increase of 7.5%; it hit a new high since 1982, and the consumer confidence index again recorded a new low, a new low since 2011. High inflation forced the Fed to start raising interest rates in March. The market currently expects that the Fed may raise interest rates up to seven times in 2022, and the possibility of 50 basis points of interest rate hikes in March is 62%.Presently, the global financial market is still dominated by several major factors such as the pandemic, inflation and geopolitical risks. Last weekend, Sullivan, assistant to US President Biden's security adviser, made a speech claiming that Russia may launch an attack on Ukraine as soon as February 16. The remarks caused panic in the market, and the market was affected by his remarks. Safe-haven commodities and other safe-haven currencies Driven by the inflow of safe-haven funds, gold rose close to $40 at the end of the US session on Friday, and the dollar was also boosted by safe-haven funds.Gold moves in fundamentals. Investors need to pay attention to changes in factors such as the new variant of Covid-19, inflation, and geopolitical risks. Changes in any aspect may bring severe volatility to the market.Regarding the future trend of gold, the Fed's interest rate hike will have an impact on the price of gold within a certain period of time, but with such a serious inflation level and the Fed's interest rate close to zero, even if the Fed raises interest rates, it will be difficult to effectively solve the high inflation in the short term. The level of inflation in the United States will support gold until there is still no effective improvement in U.S. inflation.Technical Analysis:The price of gold in the weekly cycle is still within the triangle convergence pattern, and the price range of the triangle convergence is 1865-1780; gold maintains a rising structure in the daily cycle. Last Friday, due to the rising of safe-haven’s sentiment, the inflow of safe-haven funds into the gold market pushed gold to rise to above 1860, but the Fed’s interest rate hike expectations still put some pressure on gold’s rise. The upward momentum of the daily cycle remains intact, but there are signs of reduction in the short-term, and there is a demand for adjustment. The price of gold in the four-hour cycle is in the form of shock and correction, and the short-term upward momentum is reduced, and there is further momentum for correction. The one-hour cycle gold is in a correction state; the one-hour cycle focuses on 1847-1860.If the short-term price of gold in the day can re-stabilize above 1860 and breaks below the 1847 within the day, it is expected to continue to decline and correct to the price range of 1842-1837 in the day. Intraday short-term trading focus on the pressure position 1855/1860/1865/1876, support focus on the 1847/1842/1837/1830 position. Due to the tension between Russia and Ukraine and the global high inflation level, the comprehensive analysis believes that short-term gold trading can continue to be based on the idea of ​​​​low and long;For the first time in the day, the price retreated to the 1848-1850 range to defend more than 1846, look at 1855-1860-1865-1876, if the price unexpectedly breaks below 1847, the price may continue to step back in the 1837-1840 range, defend below 1835, look at 1854-1860 -1865-1876 range price.

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