The two big negative golds are facing resistance and the bulls are waiting for high pressure and other counterattacks

Last trading day Tuesday (November 16): International gold London gold rose and fell, and closed down sharply. The price of silver once rose to a three-month high, but it also fell.

In terms of trend, since the Asian market opened at US$1862.67 per ounce in the early trading, the Asian trading market remained at a consolidation between US$1860-1870. After the opening of the European market, the price of gold quickly rebounded to shock around 1873, and then recorded an intraday high of 1876.89 U.S. dollar, continued after the opening of the U.S. market;

　　 The monthly rate of retail sales in the United States in October recorded 1.7%, a new high since March this year. Intensified market speculation that the Fed may raise interest rates sooner than expected. It also pushed the yields of the U.S. dollar and U.S. bonds to rise continuously, which suppressed the price of gold from falling sharply from a high in more than five months, and set a new intraday low to $1,849.49. The final strength weakened, closing at $1,850.33, with a daily amplitude of $27.4, and closing down 12.34. US dollars, a decrease of 0.66%.

Looking forward to today’s Wednesday (November 17): International gold started to stop falling and rebounded. High inflation continued to support gold prices at a high level. However, the strength was limited. After a sharp drop overnight, the strength of the bulls has been significantly weakened. Economic expectations of better-than-expected increases in debt and US retail sales data are also putting pressure on them. In the day, the main focus is on US real estate data and UK inflation. If the data is good, it will once again produce a bearish decline in the price of gold. On the contrary, it will close up today, and it will still fall tomorrow. The bulls will rise again. It is expected that they will continue to hit the Qianjiu mark next month.

Fundamentally, for the current decline in gold and silver, in addition to the negative pressure, there are also some conventional profit-taking. After all, there are some signs of overbought from the recent resistance consolidation.

　　 Now, the retail sales report pushes the dollar to a 16-month high, and the data shows rising inflation, prompting some former officials to call on the Federal Reserve to speed up the process of reducing debt purchases.

　　 Within days, St. Louis Fed President Brad, who will have voting rights next year, also said that the Fed should speed up the pace of reducing monetary stimulus measures to cope with soaring U.S. inflation. In the next few meetings, the Fed should move in a more hawkish direction. At the same time, he also stated that if the committee wants to speed up its action, it can also choose to increase interest rates in the process of reducing the scale of bond purchases. This may include the Fed reducing its debt purchases by $30 billion a month instead of the current $15 billion a month, ending its debt purchases in March instead of June, and opening the door to a possible earlier interest rate hike. This makes gold prices face greater pressure expectations.

Overall, there is a trade-off between rising inflation and new crown cases in Asia, Europe and even the United States. The sharp fall in the euro is also affected by growth concerns and a sharp increase in new crown cases in Europe; the short-term US dollar index may continue to remain strong, and gold prices may continue to fluctuate at a high level under the support of inflation. There is a decline demand on the daily or weekly line, and it will return to bullishness again next month.

Technically: Weekly level: After the price of gold hit above US$1,870 this week, its strength failed to increase, but a large fall, suggesting that resistance is suppressed, and there is a demand for a fall in the market outlook. There will be a retracement to the 38.2% retracement line of US$1836. The support position near or near the 5-week moving average. On the whole, the price of gold was under pressure and fluctuated at a high level before it stood firm at $1,870. Below focus on the 5-week line support is not broken to remain bullish.

Daily level: The price of gold fell again on Tuesday, with greater efforts. The long signals of KDJ and MACD indicators in the photos have been significantly weakened, and the demand for the main picture has increased. The shock and pressure can be maintained within the day. Overall, the bulls have the overall technical advantage in the near term. Prices are in an upward trend in the past six weeks. Therefore, after the fall hits the 10-day and mid-rail support, you can still choose to enter the market bullishly. For specific points, please refer to the following:

　　International gold: the upper side is concerned about the vicinity of 1860 US dollars and the target resistance of 1867 US dollars; the lower side is concerned about 1849 US dollars and the support near 1844/37 US dollars;

　　 Silver TD: Focus on the top 5180 yuan/kg and 5210 yuan/kg resistance; below, focus on the 5080 yuan/kg and 5010 yuan/kg support;