iFOREX: Gold 1137 faces the choice of non-US currency to maintain short positions

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Yesterday (December 26), the US dollar index narrowed around the 103.00 mark, and the daily line closed slightly lower. The current exchange rate is trading near 103.00. The weakening of the US dollar index in the trading atmosphere of the light holiday market was suppressed by investors to cover the bulls. Most investors left the market and the market was very light. Although the US economic data was better than expected but the impact was limited, the dollar did not fluctuate. The US dollar index remained in a narrow range around the 103 level, and the fluctuations of gold and silver were limited and basically stable.

iFOREX analyst ROC believes that although some investors are considering bargain-hunting gold because of the current weak gold price, the current bull market in gold still lacks fundamental support. Basic fabrics will tighten next year, gold production may decline, and the currency problem of China and India's major consumer countries may lead investors to buy gold hedges to boost demand, it is still too early to bargain.

Euro dollar

European Central Bank Management Committee Weidmann said yesterday that there are still many questions about the assistance program of the Bank of Siena. There is no risk in rushing to rescue the Bank of Siena. Italy should carefully consider the implementation of the aid program. Weidmann also said that Italy's aid program for the Bank of Siena is based on the fact that the bank's financial system is healthy and that the aid should not be used to pay for losses that are now predictable. Italy's third-largest bank, Sinai Silver, previously said that the bank's plan to raise 5 billion euros in the market before the end of the year has failed, and the conditions for the government's rescue efforts are already in place. Since then, the Italian government approved a decree on the 23rd to authorize the creation of a fund to support the country's troubled banking industry.

Pivot point: 1.0480

Support level: 1.0430 1.0380 1.0350

Resistance level: 1.0520 1.0575 1.0630

Option 1: Short below 1.0480, look at 1.0430 1.0380

Option 2: Do more than 1.0480, look at 1.0520 1.0575

Comments: The euro daily line basically flat, the current exchange rate is trading near 1.0450. The weakness of the US dollar index under the influence of investors' replenishment bulls has provided some support for the euro, but the rebound of the euro is limited in the light market trading atmosphere. During the day, the euro is 1.0460 empty, with a stop loss of 30 points and a target of 50 points.

Sterling dollar

Former Bank of England (BOE) President Jin En said yesterday that the UK should determine its immigration policy and not to fool itself into thinking that it can stay in the EU's single market after Brexit. Both EU supporters and critics should start to see the British referendum as an opportunity.

Pivot point: 1.2300

Support level: 1.2240 1.2180 1.2130

Resistance level: 1.2350 1.2410 1.2500

Option 1: Short below 1.2300, look down 1.2240 1.2180

Option 2: Do more than 1.2300, look at 1.2350 1.2410

Comments: Sterling yesterday oscillated below the 1.2300 mark, the daily line slightly closed up, the current exchange rate trading near 1.2280. In addition to short-covering has a certain support for the exchange rate, the weakening of the US dollar index in the light market trading atmosphere also constitutes a certain support for the exchange rate. However, the technical selling of the 1.2300 mark and the fear of Brexit limit the rebound of the exchange rate.

Dollar yen

On Tuesday (December 27), the US dollar/yen was slightly higher in the Asian market, while the EUR/USD held a moderate increase as the market looked for opportunities to get out of the holiday atmosphere and enter the last few trading days of the year. USD/JPY rose 0.1% to 117.230, trading in the narrow range of 117.01-117.39 last day, as most major financial markets were closed for Christmas holidays. Japan’s inflation data showed that the core consumer price index (CPI) fell for the ninth consecutive month in November, but the yen reacted coldly.

Pivot point: 117.00

Support level: 116.55 115.97 115.46

Resistance level: 117.83 118.50 119.38

Option 1: Do more than 117.00, look at 117.83 118.50

Option 2: Short below 117.00, see 116.55 115.97

Comments: The daily chart of the daily chart exchange rate shows the convergence of the high triangle. Once the big line appears in the market, it is the signal of further higher. On the indicator, the MACD red kinetic energy column is steadily stretched, and the KDJ indicator continues to rise, indicating that the short-term exchange rate will continue to test the new high. During the day, the US and Japan 117.10, stop loss 25 points, target 50 points.

gold

International spot gold Tuesday (December 27) Asian markets near the $ 1,134 / ounce in early trading, close to the previously hit 10-month low of $ 1122.35 / ounce. On Monday (December 26), the international gold market was closed for the Christmas holiday. Last week, the gold price recorded a sixth consecutive week of decline, the longest decline in 12 years. Investors should focus on US consumer confidence and the performance of regional Fed manufacturing data on Tuesday.

Pivot point: 1137

Support position

Resistance level

Option 1: Short below 1137, look at 1130 1124

Option 2: Do more than 1137, look at 1142 1148

Comments: The technical side of the daily cycle may change, the rebound market appears, the above focus on 1137. In the small cycle, the unilateral trend line is unchanged, and the H4 closing oscillates at 1137-1128. If the gold breaks through 1137, the rebound is dominant in the short term, and you can try to smash the bottom.

crude

The Libyan National Oil Company said on Monday (December 26) that the current daily production of Libyan crude oil has reached 622,000 barrels, a slight increase compared with the restart of the main West Line pipeline on December 14, but still far below the previous 1.6 million barrels. The company expects to restart the oil pipelines of the two major oil fields, Sharara and El Feel. The daily production of Libyan crude oil will increase by 175,000 barrels in the next month and increase by 270,000 barrels in the next three months.

Pivot point: 53.00

Support level: 52.30 51.50 50.00

Resistance level: 53.60 54.20 55.00

Option 1: Do more than 53.00, look at 53.60 54.20

Option 2: Short below 53.00, see 52.30 51.50

Comments: Crude oil fluctuated last week, first fell and then rebounded, forming a high range of 52-53.8, and finally closed near 53.20, the direction of crude oil remained bullish, but the market is in the shock range.

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