Last night, ** strong upside, in one fell swoop to win the early 2040 key resistance level, and rushed to around 2048, subsequently, affected by the rise in US job openings data in December, the dollar index and Treasury yields rose intraday, ** also dived at a high level, however, the downward did not continue, closing up near 2036 in the early morning, which is almost exactly the same as Monday's trend, so, what should we think today?
First of all, we can see that the recent upward trend, intraday lows move upward, highs continue to be broken, although the closing line is not very optimistic, but, the overall maintenance of the upward trend, then, today we want to focus on the 2028 near the support level, this position is the key to measure whether the bulls can continue, if today's European market to **break this position, then, ** will continue to adjust downward, but, before the breakthrough, gold prices maintain ** upward trend, Watch out for a breakout of the 2048 high above, once taken down, the upper side will be flat.
In addition, the ADP employment data to be released at 9:15 tonight, and the interest rate decision to be released at 3:00 am on Thursday, and more importantly, Powell's speech at the monetary policy press conference at 3:30 am, this speech is the focus, and it is also the market to judge the future policy direction of the Federal Reserve, the market will enter the buying and selling expectations in advance, once the speech has a clear expectation of interest rate cuts, then, gold prices are bound to rise strongly, but if there is a hawkish speech, gold prices will adjust downward, Personally, I prefer Powell's speech to have interest rate cut expectations, which is bullish, which can be seen in the previous speech attitude, the probability will continue to maintain high interest rates unchanged, the interest rate cut cycle will enter the Fed's discussion range, once similar speeches are reiterated again, gold prices are bound to take the opportunity to challenge upwards. In the wee hours of the morning, we'll see.