**: Giant Elephant Gold.
1. Fundamentals:
Yesterday, the U.S. dollar index rebounded after a rapid downward trend due to the release of U.S. economic data that was strong again. Due to better economic data and the Fed's 1** expectations for near-term interest rate cuts, the dollar index once stood above the 104 mark, close to recovering all losses in the day. In terms of U.S. Treasury yields, the 10-year Treasury yield and the 2-year Treasury yield both closed higher. In terms of spot**, affected by the strength of the dollar index, gold prices fell rapidly from their highs, quickly gaining support near the 2020 mark, and then continued to rise. The rapid change of long and short highs has made the trend of gold prices face a critical period of direction selection.
Overnight, according to the latest data, the number of initial jobless claims2 in the United States for the week to February 17 recorded 2010,000 people, below expectations of 2180,000, the lowest since the week of January 13. In addition, the number of continuing claims for unemployment benefits was 18620,000, below expectations of 18840,000 people. In addition, the US Markit manufacturing PMI unexpectedly climbed to 51 in February5, higher than expected 505, a 17-month high, the service industry and the composite PMI were lower than expected and fell month-on-month, but both were stable in the expansion range. The strong performance of the U.S. manufacturing and employment markets has brought strong impetus to the U.S. dollar index, while the spot** side has been under greater pressure.
Second, the technical side.
Yesterday, after the bulls pulled up to new highs twice in a row, the bears fell back again and rose again at the 2020 mark. From the trend point of view, after the 30-minute ** trend type has been relaxed, the bullish expansion period has once again rushed higher, indicating that the expansion will continue, and the new trend direction will wait for subsequent confirmation. From the point of view of indicators, the MACD indicator fast and slow line Diff and DEA are retracting near the 0 axis on the 30-minute cycle, and the red kinetic energy column is shortening.
Yesterday, the bulls experienced a break, and the bulls fell back quickly after reaching the previous pressure level, and hit a new low again. Judging from the trend, the bearish trend is still continuing, after yesterday the bears hit a new low again, the bulls appeared, because the phenomenon of the bulls is still spreading, it is expected that the trend will go down after the **. From the point of view of indicators, the 1-hour MACD indicator fast and slow line diff and DEA are running below the 0 axis, the green kinetic energy column continues to shorten, and the bulls are brewing.
On the 4-hour cycle chart of the U.S. dollar index, after the longs and bears continued to play yesterday, the bears continued to decline again, the key waterline of the longs and bears was lost, and the bears occupied the dominant force. From the trend point of view, the trend is continuing, after yesterday again broke down, although the bulls**, but it belongs to the retraction of the long-short watershed, it is expected that the bears will continue to decline more likely.
*ETF – SPDR Gold Trust holdings report.
The above views and suggestions are for reference only. 】
3. News Surface: