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Novox XAUUSD Index Daily Analysis


Fundamental analysis:
The price of gold was basically flat on Tuesday, finishing at $1,838 per ounce, as expectations of additional fiscal stimulus measures introduced by the United States boosted the attractiveness of gold as an inflation hedge. The US Treasury Secretary’s nominee Yellen stated at the Senate confirmation hearing that providing help for the unemployed and small businesses will maximize the effectiveness of bailout funds, and urged lawmakers to take “big actions” to save the new crown epidemic. Economy. The U.S. stock market is approaching historical highs and the yields of U.S. Treasury bonds have risen, which is not good for gold demand. Investors should pay attention to the recent fiscal policy trends of the new US government. It is expected that the gold market will fluctuate in the near future.

Technical analysis:
The price of gold closed with slightly positive line on Tuesday, and the upward momentum was insufficient to suppress the resistance above the 1850 mark and did not break through. Today, we are observing the strength of gold's rebound and we can place short orders at the top resistance level. In terms of indicators, the daily MACD cross move upward gently. RSI indicator upwards below the 50 area. In the four-hour chart, MACD golden cross but weak downward. In terms of indicators, today's spot gold has the momentum to stabilize and rebound in the short term.

Operation suggestions:
Choose the opportunity to go highlevel over sold, and wait for rebound again to the 1850-1864 range and enter the market to sell short. Today, we will see the rise and fall of the gold market. Stop loss is 10 US dollars, and take profit is 10 US dollars (recommendations are for reference only, not as operational suggestions).

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