On Asian market in early Monday (January 3) trading, spot gold rose high and fell back. The current intraday high is around 1831.6 and is now quoted at 1826.0 US dollars per ounce. Looking back at last Friday’s market, the price of gold started to rise from around 1814.1. As the U.S. dollar fell, the price of gold broke through the 1830 mark and recorded an intraday high of 1830.5. However, it failed to stand above 1830 and finally closed at $1828.3 per ounce, with a positive K on the daily line. On the news, this week is a non-agricultural data week. ADP, initial unemployment claims, non-agricultural data will be announced one after another. In addition, the minutes of the Federal Reserve meeting will be announced early on Thursday morning Beijing time. You need to pay attention to the minutes of this meeting. Fed officials may announce more information about reducing debt purchases. In addition, the Fed’s vote committee will change its term. The market predicts that the new vote committee will have a “hawkish” style, which may provide the guidance of the Fed’s future policy. Regarding the U.S. government’s infrastructure bill, the U.S. Congress will hold a meeting in the near future. If there is a breakthrough, huge amounts of funds will flood into the market in the future, triggering a new round of market conditions. Regarding the pandemic, scientific research has shown that Omicron has a low fatality rate but is highly infectious, and the record-breaking growth rate of confirmed diagnoses still worries the market about the chain reaction brought about by the pandemic. Technically, the spot gold closed on the weekly line to achieve three consecutive positives at the weekly level, and the bulls were relatively strong. On the 4-hour chart, the low point position continues to move upwards, and the upward momentum is strong. The KD indicator is at a high level. There may be a callback correction in the short term. Test the support below 1822/1818. There are many intraday trend, so it is recommended to call back to around the support and place multiple orders. Pay attention to the high point of the day at 1831 and the previous position around 1845.

Resistance position: 1830-1835-1840

Support position: 1822-1818-1812

Investment Advice:

There are many points around 1820-1823, the defence is at 1816, and the target is at 1830/1835/1840.

Analyst by: Mr.Chris Lau, Independent Analyst