Analysis of gold news: On Friday (January 10), the U.S. dollar index continued its gains on Thursday, reaching a maximum of 109.37 and closing at 109.17, an increase of about 0.17%. It was the third consecutive trading day of gains, which made gold bulls still have concerns. Gold prices rose to a nearly four-week high on Thursday, supported by safe-haven demand. Several Fed officials made speeches, believing that interest rate cuts should be suspended or treated with caution. At the same time, investors are also weighing the impact of US President-elect Trump's policies on the economy and inflation. Gold prices rose to a nearly four-week high on Thursday, supported by safe-haven demand. Several Fed officials made speeches, believing that interest rate cuts should be suspended or treated with caution. At the same time, investors are also weighing the impact of US President-elect Trump's policies on the economy and inflation. The United States announced a new round of sanctions on the Russian economy, increasing pressure on Russia through comprehensive energy sanctions, which was one of Trump's measures to strengthen Kiev's war efforts against Moscow before taking office.
Gold appears to be the favored asset based on both fundamental and technical considerations. Gold is more likely to outperform this year as the year progresses, given factors such as safe-haven inflows, inflation hedges and geopolitical tensions or, of course, trade wars. But even as investors look for opportunities to buy the dip, the pullback from all-time highs is not over yet. Although the U.S. dollar index is near a two-year high and continues to pressure the performance of non-yielding assets, gold prices remain supported by a series of fundamental factors, including geopolitical tensions, falling U.S. Treasury yields and rising risk aversion in the market. Gold prices hit a near four-week high on Wednesday after a weaker-than-expected U.S. private employment report suggested the Federal Reserve may be less cautious about cutting interest rates this year. However, minutes of the Fed's December policy meeting showed officials were concerned that Trump's proposed tariffs and immigration policies could prolong the fight to curb price increases. High interest rates reduce the appeal of non-yielding assets. Physically backed gold exchange-traded funds saw inflows for the first time in four years, the World Gold Council said on Wednesday. Recent risk aversion in the market has provided important support for gold. Geopolitical risks continue to rise, mainly due to international tensions in many aspects: fierce fighting in the eastern region of the Russian-Ukrainian conflict, Israel's military operations in the West Bank, and a new round of trade disputes that may be triggered by the tariff remarks of US President-elect Trump. The combination of these events has intensified investors' demand for safe havens and provided strong support for gold prices.
Gold technical analysis: Looking at the current market, Friday's non-agricultural data rebounded quickly after the negative decline. Instead, bulls started a surge mode. Not only did it hit the high pressure before 2693, but it also returned to near the 2700 mark, although it failed to break through the 2700 mark in the end. , but the technical form also highlights the fact that the decline has stopped and is favorable to the bulls. First, look at the weekly line. The weekly line has continuously closed positive, and this week has closed a long lower shadow line and a big positive line. The bulls have indeed taken the advantage. In addition, the short-term moving average maintains an upward movement and other cycle indicators, as well as the Bollinger Bands. It intends to run upward, so the overall weekly trend can be expected to see bulls launch a strong counterattack at any time.
On the daily line, the daily line continues to be positive for four consecutive times, and the price is effectively running above the short-term moving average and the Bollinger Middle Track. Even if there is a pullback in the late trading, the shape is still the same. This is enough to show that the advantage of the bulls has not changed. The short-term moving average is currently following again. The upward movement forms support, other periodic indicators maintain a bullish arrangement, and the Bollinger Bands continue to extend upward as a whole. In addition, the macd indicator double-line golden cross upward form shows sufficient upward potential. Therefore, overall on the daily line, bulls are reaching new highs. It will be a high probability. In terms of the 4-hour, after yesterday's shock consolidation in the US market, it can be confirmed that gold has stabilized at 2665. This is enough to be reflected from the fact that a long lower shadow line was collected during the US trading period. In addition, the current short-term moving average forms an upward pattern at 2685 and 2678, and other periodic indicators also show a bullish arrangement. In addition, the Bollinger band opens upward as a whole, and the MACD indicator double line is in a golden cross upward pattern, showing sufficient upward momentum. Therefore, the overall 4-hour level should be dominated by bulls.
The gold operation idea at the beginning of next week is to continue to do long at lows, supplemented by short selling at highs. For the support and resistance below, first pay attention to the 2685-2680 area. Above, the short-term continuation will look at the 2700-2710 area. If it is broken by the short force, it will be broken again at that time. Focus on 2673 and 2664, especially the latter, as the negative retracement point of non-agricultural data, will become the strongest defense for shorts. Above that, a decisive multi-buy layout is required. For the upper resistance, you can first pay attention to the vicinity of 2703, and then pay attention to the 2712 area. If it reaches the first time, you can try short-term trading and short selling. Taken together, in terms of short-term operation ideas for gold next week, our professional senior analyst team recommends mainly longs at the pullback position, supplemented by shorts at the rebound highs. The top short-term focus is on the 2703-2712 first-line resistance, In the short term below, focus on the 2675-2670 first-line support.