USD/ounce. Looking back at yesterday’s market, the overall performance of the market on Wednesday was under pressure. Gold fluctuated in the range of 1794-1786 during the Asian session. During the US session, gold fell below the key support position and fell to 1769.4, then rebounded, and finally closed at 1776.0 US dollars per ounce, daily. A K line with a lower shadow line is received on the picture.

On the fundamental, Tesla purchased about 1.5 billion U.S. dollars worth of Bitcoin and announced that it would consider Bitcoin as one of the payment channels in the future. Boosted by this news, the price of Bitcoin continued to rise. Yesterday, February 17 , Bitcoin even touched the first-line position of $52,000. Bitcoin’s growth rate and growth rate are amazing. In view of this, the market regards Bitcoin as a new tool for hedging inflation and has the same hedging properties as gold. The strong performance of Bitcoin allows investors to choose to sell gold and buy Bitcoin in pursuit of higher profit returns. Since February 5th, US time, the gold ETF has accumulated a net outflow of 26.95 tons of gold as of February 17th. .

A series of economic data such as the monthly retail sales rate in January showed that the recent economic recovery in the United States has been strong and boosted the US dollar. The US dollar index once stood at the 91 mark yesterday. The recent performance of U.S. Treasury bonds has also been strong. The 10-year Treasury bond yield rose to 1.333% from around 1.20% last weekend. We know that rising U.S. Treasury yields will attract investors to adjust their investment portfolios and temporarily liquidate interest-free products such as gold. Invest funds into the bond market and pursue higher returns.

The strong performance of the U.S. dollar, US Treasury and Bitcoin was like three heavy blows, defeating the spot gold and slumping its shorts. Gold currently hopes that the Biden government’s 1.9 trillions stimulus plan will be implemented as soon as possible, so that the gold bulls can get a respite.

Technically, the U.S. dollar index stands above the 5th, 10th, and 21st moving averages on the daily chart, and the KD golden cross is up; on the 4-hour chart, the uptrend is close to the upper track of the Bollinger Band, and the KD high is dead cross; 1 hour In the picture, the Bollinger Band is flat on the upper track, KD indicator, and the US dollar index is on the strong side, but there are signs of correction in the short-term. Spot gold pierced the lower rail of the Bollinger Band on the daily chart. It is currently running slightly above the lower rail position, with KD low and there are signs of turning heads; near the lower rail position in the 4-hour chart; running on the 1-hour chart Above the middle rail, KD is bonded at a high position. In general, spot gold fluctuation will get int bearish.

Resistance ：1790-1797-1804

Support ：1778-1770-1765

Trading recommendations

#1 sell gold at1788/1790，stop loss at：1796，take profit at：1780/1775/1768。

#2 buy gold at 1770/1768，stop loss at：1763，take profit at：1780/1788/1795。

Analyzed by：Mr.Chris，Independent Analysts