Analysis of gold trend on January 3
News analysis:
On Thursday, January 2, spot gold rose slightly in the U.S. market, currently around $2,658.38. Gold prices rose 27% in 2024, the largest annual increase since 2010, driven by safe-haven demand and interest rate cuts by central banks; however, market sentiment may become more cautious, depending on policy changes during Trump's second term as president. In addition, the U.S. dollar index hit a two-year high on Tuesday, and the U.S. 10-year yield hit its best annual increase in two years, and gold was also cautious.
Gold trend analysis:
From the market point of view, as the gold price continues to rise, various graphics have formed very obvious and strong support, among which the 2645-2650 area, and once the gold price can stabilize above this area today, the daily support will definitely continue to rise, which will also lay a more favorable foundation for the bulls to steadily hit new highs. Combined with the risk aversion demand caused by risk events, it is not an exaggeration to expect that the gold price will be close to the 2700 mark this month; but if the short-term reversal of the short position breaks through the 2633-2630 area, it will increase the possibility of the short position continuing to explore. However, whether this possibility can be realized needs to be judged in combination with more factors. After all, the overall trend of gold is still rising. If the adjustment is too strong, it will not only break the trend, but also cause the gold price to fall into a weak trend below 2600 in the short or medium term.
Operational ideas:
Mainly buy on pullbacks, with support focused on the 2638-2640 area. If the 2663-2668 area is broken, it is necessary to lock in profits and move the target to the 2670-2680 area. Otherwise, leave the market to observe the subsequent performance of the bulls and the changes in risk events. For the bears, due to the recent market fluctuations and the rising trend, it is necessary to pay attention to the trend change that leads to the strengthening of the bears whenever the gold price falls below the 2600 mark.
On Thursday, January 2, spot gold rose slightly in the U.S. market, currently around $2,658.38. Gold prices rose 27% in 2024, the largest annual increase since 2010, driven by safe-haven demand and interest rate cuts by central banks; however, market sentiment may become more cautious, depending on policy changes during Trump's second term as president. In addition, the U.S. dollar index hit a two-year high on Tuesday, and the U.S. 10-year yield hit its best annual increase in two years, and gold was also cautious.
Gold trend analysis:
From the market point of view, as the gold price continues to rise, various graphics have formed very obvious and strong support, among which the 2645-2650 area, and once the gold price can stabilize above this area today, the daily support will definitely continue to rise, which will also lay a more favorable foundation for the bulls to steadily hit new highs. Combined with the risk aversion demand caused by risk events, it is not an exaggeration to expect that the gold price will be close to the 2700 mark this month; but if the short-term reversal of the short position breaks through the 2633-2630 area, it will increase the possibility of the short position continuing to explore. However, whether this possibility can be realized needs to be judged in combination with more factors. After all, the overall trend of gold is still rising. If the adjustment is too strong, it will not only break the trend, but also cause the gold price to fall into a weak trend below 2600 in the short or medium term.
Operational ideas:
Mainly buy on pullbacks, with support focused on the 2638-2640 area. If the 2663-2668 area is broken, it is necessary to lock in profits and move the target to the 2670-2680 area. Otherwise, leave the market to observe the subsequent performance of the bulls and the changes in risk events. For the bears, due to the recent market fluctuations and the rising trend, it is necessary to pay attention to the trend change that leads to the strengthening of the bears whenever the gold price falls below the 2600 mark.
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