Last week's review:
Last week, gold continued to fall. The price of gold fell two days on the third day, hitting a maximum of $1523.80 per ounce, and the lowest was down to $1,483.90 per ounce. The factors affecting the weakening of the gold price last week were mainly due to the signs of improvement in the trade situation and the rebound in market risk sentiment. Although the European Central Bank announced a rate cut and restarted QE, the rebound in gold was only a short-lived due to the market risk aversion. Crude oil: Last week, the crude oil market was extremely hot. EIA short-term energy outlook report, OPEC monthly report, IEA monthly report and OPEC+ joint ministerial meeting came one after another. A series of reports showed that the prospect of crude oil supply and demand is further deteriorated, releasing loose easing in major central banks. At the same time, the oil price still lost 57 dollars. However, after the attack on the Saudi oilfield on the weekend, oil prices soared on Monday, changing the short-term decline in oil prices. In terms of foreign exchange, due to the improvement in global market risk sentiment last week, the US dollar index was near the 98 mark, and the US terror data is also supporting the US dollar. As of last week's close, the US dollar index was 98.197, down 0.22% for the week, and fell for the second consecutive week. The euro hit the highest level in more than two weeks against the dollar, rising to a maximum of 1.1109.
(European and American M30 map)
The euro side:
The euro is currently trading within a narrow range around 1.1076 against the dollar. Technically, the euro maintains a narrow range around 1.1076. Today, the rallies can be short-selling. If you break through to the range, you can do more. The upper pressure is 1.1078 and 1.1102. Fundamental aspects: Today's Eurozone data is relatively light, and it is necessary to focus on the sudden market. The US dollar needs to pay attention to the US New York Fed manufacturing index in September. The current expected value is 4. If the published value is better than expected, the US dollar will suppress the euro.
EUR/USD trading strategy:
Strategy 1: Short rallies (24 points)
Admission: 1.1078 Stop Loss: 1.1102 Take Profit: 1.1054
Strategy 2: Do more on dips (24 points)
Admission: 1.1102 Stop Loss: 1.1078 Take Profit: 1.1126
Gold is currently fluctuating slightly in the 1515-1520 range. Technically, the gold bulls still have an advantage, and they can maintain a high-level arrangement, and short-term bargain-hunting is dominant. In terms of fundamentals, today we can pay attention to the release of relevant economic data on the US dollar. We also need to pay attention to the impact of the international trade situation and the news related to geopolitical changes.
Focus on data today:
US September New York Fed Manufacturing Index
Japan’s respect for the elderly on a day off
This analysis and trading strategy is an objective description of current market trends. Investors need to strictly implement homeopathic, light warehouse, and stop loss! Can not completely follow the trading strategy as the basis for placing orders, only for ordering!