SMM: gold suffered another heavy blow on Monday, and the first trading day of the past three weeks has become a nightmare for gold bulls. With the loss of the key support area of 1848ap50, gold begins to enter new territory, and the short momentum is expected to increase unabated.
Review of important news data overnight
Will the Fed increase its bond purchases as early as December? The US bond market seems to be turning bullish.
At a time when the epidemic intensified and negotiations on fiscal stimulus stalled, the US Treasury asked the Fed to repay some of the remaining funds from its emergency loan program on schedule. To that end, the Fed may have to step up its QE efforts to support the economy.
Us Markit manufacturing PMI hit its highest level since 2014 in November
The latest data released in the United States show that the initial PMI of the US Markit manufacturing sector rose to 56.7 in November, the highest since September 2014, while the initial PMI of the Markit service industry rose to 57.7 in November, the highest level since March 2015. Gold tumbled as much as $20 after the data, hitting as low as $1843.26 an ounce, its lowest level since July 22.
Manufacturing PMI in Britain, Germany and Euro Zone in November was higher than expected and France fell below the line of boom and bust.
On Monday, November 23rd, Britain, Germany, France and the euro zone released the initial value of manufacturing PMI in November. Among them, the manufacturing PMI in Britain, Germany and the euro zone was higher than expected in November, while France fell below expectations and fell below the line of rise and fall.
The British Health Secretary Hancock said that the UK plans to promote vaccination against novel coronavirus from next month and will accelerate after the year, so that the epidemic will gradually ease into the spring. The British prime minister confirmed that the blockade policy would end "conditionally" on December 2.
Technical Analysis of Golden Daily Chart
Gold fell sharply on Monday, breaking through the previous support platform and announcing the start of a new round of decline. With the loss of 1850, this position is expected to begin to turn to reverse pressure resistance, and the bulls will maintain a concussive downward mode until the bulls recover. The lower daily line level key support is seen around 1794, which basically overlaps with the current 200-day moving average, and the market may need to test this level before it is possible to find a medium-term bottom.
