Gold Has Been Hit By A Knife Gold Price Behind OPEC.

Fundamental analysis:

On Friday (November 28th), early trading in Asia, gold traded at $1188 / ounce, and two economic data from Germany were slightly lower than market expectations overnight. The results of the OPEC conference, which were most concerned by the market, showed that OPEC would not cut production, which led to a sharp fall in crude oil prices.

Hit 87.97 of the day, spot gold affected by this low, hitting a minimum of 1188.20 U.S. dollars / ounce.

Good fundamentals:

1.

Data released on Wednesday (November 26th) showed that the monthly rate of durable goods orders (except pportation) decreased by 0.9% in the US, 0.5% in October and 0.2% in the previous month. The monthly rate of personal consumption expenditure increased by 0.2% in October, which was 0.2% lower than the previous value, but not as expected.

2.

In October, the annual price index of personal consumption expenditure in the United States was unchanged at 1.4% of the previous value and expected value, but the core personal consumption expenditure price index was slightly higher than the previous value and the expected value of 1.5%, accounting for 1.6%.

3.

Last week, the United States recorded a 313 thousand unemployment rate, far higher than the expected 287 thousand, which is also higher than the previous value of 291 thousand.

4.

The weekly report released by the US Commodity Futures Trading Commission (CFTC) on Friday showed that in the week ending November 18th, COMEX gold speculative net multi position increased by 21634 to 60307 hands (an increase of 55.9%) in November 21st.

Fundamental negative factors:

1.

The organization of Petroleum Exporting Countries (OPEC) maintained its output target unchanged at 30 million barrels per day, and oil prices fell sharply. The US crude oil intraday fell by 5.75 US dollars, or 7.82%.

2.

The US dollar index reached a rebound above 87.50.

3.

US stocks continued to rise, and the S&P500 index hit a record high of 2074.21. on Thursday.

4.

The economic data released on Tuesday showed that the US GDP correction rate in the 3 quarter was much better than the expected value of 3.3% and the previous value of 3.5%, a 3.9% increase in real terms.

The 5.SPDR fund, the world's largest gold ETF, once again lost 2.1 tons to 718.82 tons on Wednesday, closing to its lowest level since September 2008.

The fund has outflowed 22.40 tons since November, and the most outflow in October was the most in the year.

Today's operation strategy:

Technically, yesterday's market was short after stepping back to the pressure line, so yesterday it pulled back to 1200 and then fell back. OPEC refused to cut production. The crude oil price plummeted, and this led to the fall in the price of the entire commodity market. Gold is no exception. Today, the market still has room to fall back, so the short selling is still the main choice today. On the spot, it is close to 1196 near today, with a stop loss of 1201 and a lower target 1185..

Fundamental analysis:

On Friday (November 28th), in the early morning of the Asian market, the euro traded at 1.2460 against the US dollar. During the New York session yesterday, the euro fell against the US dollar, ending the previous three consecutive gains. The figures showed that the inflation rate in Germany dropped to the lowest level in February 2010, consolidating the expectation that the European Central Bank would further relax monetary policy in a big way in November.

Inflation and employment data in the euro area will become the focus of attention today. The German inflation data released on Thursday showed that the euro area's largest economy is still in low inflation, and the overall inflation level in the euro area may directly affect whether the European Central Bank will further relax its policy in the resolution next week.

Today's operation strategy:

Technically, judging from the overall trend of the current exchange rate, after falling below the uptrend line, back to the trend, the exchange rate has formed a distinct shock decline mode. At present, the position of the daily line chart has deviated from the bottom line. The euro has rebounded against the US dollar for several consecutive days, but has rebounded to the key pressure level. The big trend is still bearish, and the main trend is short selling during the day. Therefore, touching 1.2480 of the radical investors can go short on the high side and stop the loss by 1.2510. The target is 1.2400.