August 17th Wanxin Gold Midday Analysis:
Recently, there have been some rumors in the market about Iran’s economic measures. Although they briefly sparked a wave of safe-haven buying, there are currently no clear signs that anything substantial has taken shape. This kind of risk-averse sentiment is difficult to sustain. Once the temporary burst of heat passes, the extent of the earlier surge is likely to pull back. In addition, the US dollar is currently only fluctuating mildly, which has not provided strong upward momentum for gold.
At present, technical indicators suggest that the momentum on the upside may be somewhat overextended. The resistance in the 4415 to 4416 area is very strong. If gold cannot break above this level effectively, this rebound is likely to be only a brief “pause.” Going forward, gold may face further downward pressure.
Gold: rebound around 4415-4430
Target: 4375-4355, then down to 4340#黄金
Recently, there have been some rumors in the market about Iran’s economic measures. Although they briefly sparked a wave of safe-haven buying, there are currently no clear signs that anything substantial has taken shape. This kind of risk-averse sentiment is difficult to sustain. Once the temporary burst of heat passes, the extent of the earlier surge is likely to pull back. In addition, the US dollar is currently only fluctuating mildly, which has not provided strong upward momentum for gold.
At present, technical indicators suggest that the momentum on the upside may be somewhat overextended. The resistance in the 4415 to 4416 area is very strong. If gold cannot break above this level effectively, this rebound is likely to be only a brief “pause.” Going forward, gold may face further downward pressure.
Gold: rebound around 4415-4430
Target: 4375-4355, then down to 4340#黄金