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Will gold be Black Friday?
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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: Will gold be Black Friday?" Hope it will be helpful to you! The original content is as follows:
The bitterness and sweetness of coffee do not depend on how to stir, but on whether there is sugar. A wave of market conditions does not depend on how to chase, but on how to layout. No one will make you lose, unless you don’t want to win, don’t ask for everything, just need to have it. The saddest thing is not that you lose your profit, but that you lose yourself for profit.
A wave of rise suddenly fell, and the enthusiasm of the market was poured into cold water. Will the most discussed Black Friday be the one that is the most discussed today?
This week, gold continued to rise from US$3,203 to US$3,346, with the increase reaching about US$140. As the price of gold becomes higher and higher, the daily fluctuation of over 100 US dollars after the base becomes larger and more than 100 US dollars has become the norm.
For this decline, let me talk about my point of view:
It is difficult for gold to rise directly beyond $3,500 this year. The reason is that the rise in gold in the first quarter of this year was too large. It rose 33% in just 4 months this year, and it only rose 28% in a year. The reason for the rise is the previous driving force of the decline of US stocks.
Since the gold price reached US$3,500, it has entered a long-term volatile market. The market has never risen and never falls. The process of fluctuation is when long air-conditioning positions are long, and it is also the time when faith is most likely to cause loosening. The biggest feature of the market washing is that it does not continue.
In addition, the trade conflict is relatively eased, and the Federal Reserve has not clearly stated that it will cut interest rates, and geopolitical conflicts are also fighting and harmonious. The tension is sometimes eased, which makes the market panic now, and bulls and bears dare not fight, and any profits are fulfilled in time.
In the long run, it is still early for gold to peak, but many of them cannot be held in this process. The most important thing is that you don’t understand why you hold it.It is just a speculative behavior of making a difference, without considering the asset allocation perspective. In recent years, the currency has continued to depreciate, and the central bank's easing has led to a decline in interest rates. Even if the gold price remains unchanged, it offsets some of the pressure brought by inflation.
In the short term, it is too big to gain or lose, and pursue certainty. The only thing that the market is certain is uncertainty. Excessive pursuit of certainty will be controlled. After entering the market, it will be scared. The fundamental change is self-reflection, self-observation and self-summary, or through reading a large number of books on psychology, rebuilding one's own mentality.
In short, the gold market has not ended in the short term. The unilateral market must be that the market has already xmaccount.competed for long and short, and will suddenly appear when there is no belief in the future. The real unilateral market is actually only a few days or a short cycle. Most of the time, it is mainly about the market fluctuation. You must be patient and patient.
Okay, let’s talk about the gold market today:
On Thursday, the gold price fell rapidly during the European session, from $3,345 to $3,280. The characteristic of this decline is that it does not continue and it falls directly in one breath. The rest of the time is rebound or fluctuation, which is also one of the most typical characteristics of the fluctuation or rising market.
This morning, gold tested the bottom and the US dollar began to rebound near 3288. It has now returned to above 3310 US dollars. The weekly closing line is very important because the weekly closing 5/10 moving average is hooked. If the market closes strongly, it will correct and continue to rise. The key lies in the support position below 3280. The focus of the Asian market upward market is the continuity of the European session.
4 hours, you should pay attention to the decline of last night during the rising market. It seems to be a rebound upward, but there is a possibility of adjustment on the daily line or 4 hours. This adjustment is a normal correction in the rising market. Don’t make a fuss, especially for physical gold. Don’t have an idea for a while. Friends who are time should not keep an eye on the market every day, otherwise they will not be able to hold on at all, and continue to fluctuate after a short-term downward fall.
Today, I think we will first oscillate in the range of 3330-3280, rebound first and then look at the strength of the European market. Go to the edge of the box, try not to take action in the middle area. The strength of the European market determines the direction of the US market. The pressure above is in the area of 3320-25, and focus on the breaking level below. After the breaking level, it will continue a wave of decline. Beware of Black Friday.
The above content is all about "[XM Forex Market Analysis]: Will gold be Black Friday?". It was carefully xmaccount.compiled and edited by the XM Forex editor. I hope it will be helpful to your trading! Thanks for the support!
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