Abstract: The Japanese authorities intervened in the upswing to cause the USD/JPY to soar, and the U.S. dollar index also closed out. In addition, the US Federal Reserve’s manufacturing activity in the Federal Reserve of Dallas in October also supported the U.S. dollar component. Constrained by this, spot gold eventually fell moderately.
Monday (October 31) Trend Description:
Japan unilaterally intervened in the foreign exchange market on Monday, USD/JPY soared, and the US dollar index closed out. Constrained by this, spot gold eventually fell moderately.
The K-line chart shows that spot gold closed at the Zhongyin line today. Spot gold fell sharply during the Asian session, with a low recovery in Europe and New York, but was pressured again in late New York.
Spot gold hit a maximum of 1,744.80 US dollars per ounce, the lowest drop to 1,704.90 US dollars / ounce, to close at 1,718.70 US dollars / ounce, the previous day to close at 1,743.50 US dollars / ounce, down 24.80 US dollars / ounce, a decrease of 1.42 %.
Fundamental negative factors:
1. Japanese Finance Minister Jun Azumi said that Japan unilaterally intervened in the foreign exchange market on Monday, but declined to comment on the scale of the intervention. USD/JPY soared and the US dollar index closed out.
2. According to data released by the Dallas Fed, the US Fed's overall business activity index for the Federal Reserve of Dallas recorded 2.3 in October, far higher than the -14.4 in September.
Fundamental positive factors:
1. The British Times (TiMes) reported on the weekend that the British Bank (BOE) Governor Paul Tucker warned that the possibility of the British economy’s bottoming out "is still there."
Technical layout analysis:
The K-line chart shows that spot gold closed at the Zhongyin line today. Technically, the spot gold daily resistance is located at an integer mark of 1,800 US dollars per ounce and 1,752.80 US dollars per ounce at the September 23 high; the support is located at 1,700.00 the integer mark and at the low of 1,256 US dollars per ounce on the 25th of October. .
Outlook outlook:
Commerzbank stated that “Japan’s foreign exchange intervention today is the main reason for the dollar’s ​​rise. However, we still believe that the market’s confidence in the major currencies will become less and less, which will prompt investors to switch to gold. 'currency'."
Monday (October 31) Trend Description:
Japan unilaterally intervened in the foreign exchange market on Monday, USD/JPY soared, and the US dollar index closed out. Constrained by this, spot gold eventually fell moderately.
The K-line chart shows that spot gold closed at the Zhongyin line today. Spot gold fell sharply during the Asian session, with a low recovery in Europe and New York, but was pressured again in late New York.
Spot gold hit a maximum of 1,744.80 US dollars per ounce, the lowest drop to 1,704.90 US dollars / ounce, to close at 1,718.70 US dollars / ounce, the previous day to close at 1,743.50 US dollars / ounce, down 24.80 US dollars / ounce, a decrease of 1.42 %.
Fundamental negative factors:
1. Japanese Finance Minister Jun Azumi said that Japan unilaterally intervened in the foreign exchange market on Monday, but declined to comment on the scale of the intervention. USD/JPY soared and the US dollar index closed out.
2. According to data released by the Dallas Fed, the US Fed's overall business activity index for the Federal Reserve of Dallas recorded 2.3 in October, far higher than the -14.4 in September.
Fundamental positive factors:
1. The British Times (TiMes) reported on the weekend that the British Bank (BOE) Governor Paul Tucker warned that the possibility of the British economy’s bottoming out "is still there."
Technical layout analysis:
The K-line chart shows that spot gold closed at the Zhongyin line today. Technically, the spot gold daily resistance is located at an integer mark of 1,800 US dollars per ounce and 1,752.80 US dollars per ounce at the September 23 high; the support is located at 1,700.00 the integer mark and at the low of 1,256 US dollars per ounce on the 25th of October. .
Outlook outlook:
Commerzbank stated that “Japan’s foreign exchange intervention today is the main reason for the dollar’s ​​rise. However, we still believe that the market’s confidence in the major currencies will become less and less, which will prompt investors to switch to gold. 'currency'."
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