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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6870.39
6870.39
6870.39
6895.79
6858.28
+13.27
+ 0.19%
--
DJI
Dow Jones Industrial Average
47954.98
47954.98
47954.98
48133.54
47871.51
+104.05
+ 0.22%
--
IXIC
NASDAQ Composite Index
23578.12
23578.12
23578.12
23680.03
23506.00
+72.99
+ 0.31%
--
USDX
US Dollar Index
98.800
98.880
98.800
98.960
98.730
-0.150
-0.15%
--
EURUSD
Euro / US Dollar
1.16629
1.16637
1.16629
1.16717
1.16341
+0.00203
+ 0.17%
--
GBPUSD
Pound Sterling / US Dollar
1.33336
1.33345
1.33336
1.33462
1.33151
+0.00024
+ 0.02%
--
XAUUSD
Gold / US Dollar
4215.83
4216.24
4215.83
4218.85
4190.61
+17.92
+ 0.43%
--
WTI
Light Sweet Crude Oil
59.987
60.024
59.987
60.063
59.752
+0.178
+ 0.30%
--
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According to the Consolidation, There Are Chances for Bears and Bulls Today
Summary:
Risk assets are trying to escape a surge in U.S.-China tensions, with financial markets appearing to be stable after a geopolitical turmoil. In addition, gold attracted some buy-the-dips near $1,755 and halted the previous day's sharp retracement from a 4-week high. However, is the downtrend over?
CLOSED
1778.00
Entry Price
1736.00
TP
1788.00
SL
4215.83 +17.92 +0.43%
100.0
Pips
Loss
1736.00
TP
1788.34
Exit Price
1778.00
Entry Price
1788.00
SL
Fundamentals
Markets appear to be ill-equipped to deal with the accelerating pace of rate hikes by the Federal Reserve and ongoing uncertainty over the risk of a global recession. Moreover, they must deal with the resurgence of U.S.-China tensions.
Beijing's tough tone in response to Pelosi's visit to Taiwan has become a game of safe-haven assets in recent sessions, with gold and U.S. Treasuries rising in tandem with the appreciation of USD and JPY.
If risk assets want to extend the July gains, market participants need to see risk appetite rise, because they know that U.S.-China tensions will not lead to further steps that dim the outlook for the global economy. Therefore, the increased uncertainty is likely to transfer into volatile market conditions before the jitters (measures) subside significantly.
Although it exists in a distorted way, further escalation of U.S.-China tensions would increase the risk of a global recession, which could give central banks a reason to pause aggressive tightening, thereby providing some relief to risky assets.
Technical Analysis
According to the daily chart, the gold price rose and fell overnight, charging a long upper-shadow line, and there is a certain short-term peaking expectation, which is no longer a strong trend. Fortunately, the indicator is still biased towards bullishness, and the gold price is also running above the middle band. Therefore, there are opportunities for intraday long and short, and the change of rhythm should be considered.
Regarding the choice of short-term direction, the market in the New York session may continue the trend of rising and falling in the Asian and European sessions. Today, whether the $1750 level will be broken should be paid attention to. If it does not break and rebound, the price of gold will rise again, which could reach to $1780 level.
The daily chart close with a bull candle or a star-cross will end the current downward trend. If the daily line closes with a bear candle, gold still has further room to depreciate before the release of the August non-farm payroll. Therefore, the key point today is at $1,750. In general, there is a high probability that the golden day will go out of the consolidation. For operation, selling at highs and buying at lows are recommended.
Trading Recommendations
Trading direction: Short
Entry price: 1778
Target price: 1736
Stop loss: 1788
Validity: 20:00:00, 2022/08/17
Support: 1758/1750
Resistance: 1776/1780/1798
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