iFOREX: The euro sees more reasons for the gold safe haven

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In the early hours of today (August 29), missiles were fired in the direction of the eastern waters of the peninsula near Pyongyang, the capital, and the missiles crossed the sky. After the news came, the situation on the peninsula rose sharply, the panic index rose sharply, the market risk aversion warmed up, the dollar hit a four-month low against the yen, spot gold refreshed 14-month high, rose above $1,320, and COMEX was the most active 12 The monthly gold futures contract was 3,441 lots at 06:18 Beijing time, and the total value of the trading contract was more than 400 million US dollars.

iFOREX analyst ROC believes that the market has been accustomed to the launch of missiles, and the risk of defensive actions has not accumulated. But this missile, which was launched near Pyongyang this morning, is different. It flew over Japan's Hokkaido and fell into the eastern waters of Hokkaido, something that has never been seen before. Before the world waits for a response from the US, traders in the market may take defensive actions, which explains that the price of gold is supported, breaking through the $1,320 mark and the dollar continues to fall against the yen. This hedging volatility of gold and the yen also contributed to the direction of the market after the Jackson Hole meeting.

Euro dollar

The dollar fell against a basket of major currencies on Monday (August 28) to a minimum level of about 16 months, fell to more than two and a half lows against the euro, frustrated by last Friday’s speech by the central bank governor and concerns about tropical storm Harvey. . Although the euro recorded a double-digit percentage increase this year, ECB President Mario Draghi did not use the opportunity of the speech at the Jackson Hall meeting to lower the euro, which continued to suppress the dollar, pushing the euro up to 0.5% on Monday, to 2015 The highest since January is 1.1983.

Pivot point: 1.1880

Support level: 1.1850 1.1820 1.1780

Resistance level: 1.1900 1.1950 1.2000

Option 1: Do more than 1.1880, look at 1.1900 1.1950

Option 2: Short below 1.1880, look at 1.1850 1.1820

Comments: We are eager to see more euros is no problem, and some friends may not understand why the euro has always been strong. Fundamental, the Greek crisis, the Brexit, the French election, the worst things have passed. If the European Central Bank is strong support and stabilize the exchange rate, it will inevitably lead to systematic selling, so the Draghi team is very wise. (Like Britain's Brexit, the pound fell, not by the will of the people); on the other hand, we often talk about “how long and how long it is”, the euro since May 4, 2014 Since the daily high of 1.3992, it has experienced a bottom oscillation for more than three years, while the rise from 1.0345 has only risen by less than one-half (50% of the weekly line of 1.2168), while the upward slope is far slower, and the euro is rising. More?

Dollar yen

During the US session, USD/JPY remained at the lower edge of the intraday volatility range, below the low of last Friday. The exchange rate was at 109.02, but it was still in a negative territory. Although the global stock market fell and the yield of the government bond was weak, the US dollar remained weak and remained within the bearish range. Although the yen fell, the stock market fell and was affected by US economic data. The poor influence on the dollar continued to weaken, but the yen did not rise.

Pivot point: 109.30

Support level: 109.00 108.60 108.00

Resistance level: 109.72 110.10 110.60

Option 1: Short below 109.30, see below 109.00 108.60

Option 2: Do more than 109.30, see 109.72 110.10

Comments: When the market is taking a safe haven, the United States and Japan are highly negatively correlated with gold. Before the non-agricultural period, the empty US and Japan will be right. In the 4 hours chart, although the exchange rate fell below the previous low of 108.60, it was quickly recovered. It indicates that the market will be repeated, and the operation difficulty of the band will be increased. In the ultra-short-term aspect, the short-term 108.60-109.30 will be sold.

gold

On Monday (August 28), in the US market, as the US dollar continued to fall and approached the 92 mark, the short-term violence of gold rose and finally broke through the $1300/oz mark. COMEX's most active December gold futures contract reached 15,237 lots in four minutes at 22:59-23:02 Beijing time, with a total value of nearly $2 billion. The main contract eventually rose by $17.40, or 1.3%, to close at $1315.30 per ounce, the highest closing price since September 30 last year.

Pivot point: 1300

Support position

Resistance level

Option 1: Do more than 1300, look at 1308 1315

Option 2: Short below 1300, see 1292 1283

Comments: The gold daily line closed at 1310. From 1276, gold has formed a complete upward trend. Although this rise is also accompanied by a shocking nature, the market will be biased upwards on this wave. The target is 1350. In the day, the gold 1315 is long, the stop loss is 5 dollars, and the target is 1325.

silver

On Monday (August 28), in the US market, as the US dollar continued to fall and approached the 92 mark, the short-term violence of gold rose and finally broke through the $1300/oz mark. COMEX's most active December gold futures contract reached 15,237 lots in four minutes at 22:59-23:02 Beijing time, with a total value of nearly $2 billion. The main contract eventually rose by $17.40, or 1.3%, to close at $1315.30 per ounce, the highest closing price since September 30 last year.

Pivot point: 17.00

Support level: 16.50 16.10 15.70

Resistance level: 17.30 17.80 18.30

Option 1: Do more than 17.00, look at 17.30 17.80

Option 2: Short below 17.00, look at 16.50 16.10

Comments: Silver last week back to 16.7 rebound, up to 17.5 in the morning, also one day, silver this year's high point at 18.6, the silver market outlook steadily rose, short-term retreat to do more, the position reference to the previous high point 17.30; Intraday trend, silver more than 17.30, stop loss 17.00, target 17.80.

crude

In terms of crude oil, Hurricane Harvey was still stranded on the Gulf Coast, which seriously affected the local refining capacity, which caused the market to worry about the oversupply of crude oil. The US oil market closed down sharply on Monday, and the price difference with the oil was widened. New York's WTI futures for October delivery fell 1.30 US dollars or 2.7% to close at 46.57 US dollars / barrel, the lowest closing price since July 24; the Brent crude oil futures price for the October delivery on the Intercontinental Exchange also It fell 52 cents or 1% to close at $51.89 per barrel.

Pivot point: 47.10

Support level: 46.50 46.00 45.50

Resistance level: 47.80 48.30 48.75

Option 1: Short below 47.10, see 46.50 46.00

Option 2: Do more than 47.10, look at 47.80 48.30

Comments: The crude oil high point keeps moving down, and then 47 can't hold it. Crude oil broke off yesterday. With the surge in the precious metal market, the fluctuation of all non-agricultural currencies has also increased. Yesterday, the Asian plate surged 48.1, which is equivalent to testing the resistance. The US market broke down. Now the 47 area has changed from the previous support to resistance. Today, the crude oil rebounded short; during the day, the US crude oil was 47.00 short, with a stop loss of 47.50 and a target of 45.50.

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