#黄金Technical analysis#24K99讯 was trading early in the European market on Monday (December 16). Spot gold suddenly rose rapidly in the short term. The price of gold had just broken through the $2,660 per ounce mark and had a strong intraday rise of nearly $14. FXStreet senior analyst Dhwani Mehta recently wrote an article on Monday analyzing technical trends in gold prices.

Mehta wrote that the price of gold rebounded in early trading on Monday after falling for the previous two consecutive trading days. The dollar fell along with US Treasury yields, which supported a rebound in gold prices.

However, Mehta cautioned that it remains to be seen whether the gold price can continue to rebound. There was a similar price trend in the Asian market last Friday, but as the US dollar strengthened, the gold price eventually fell sharply on the same day.

Spot gold closed down $31.73, or 1.18%, to $2648.21 per ounce last Friday.

Mehta added that it is also worth noting that the US PMI data will provide a new perspective on the Fed's interest rate path next year, which may have a significant impact on dollar-sensitive gold prices.

At 22:45 Beijing time on Monday, S&P Global (S&P Global) will announce the preliminary value of the US purchasing managers' index (PMI) for December.

According to an authoritative media survey, the initial value of the US manufacturing PMI in December is expected to rise from 49.7 to 49.8, while the initial service sector PMI is expected to drop from 56.1 to 55.7.

How to trade gold?

Mehta pointed out that as can be seen from the daily gold chart, the 14thRelative strength index(RSI) It remains flat at around 50, indicating a lack of clear directional trends at present.

Mehta said that if gold buyers show their strength, the price of gold may test the 50-day moving average of $2,670 per ounce; if it breaks through this level, $2,700 per ounce will be an obstacle.

If gold rebounds further, then the price of gold may retest the multi-week high of 2,726 US dollars/ounce.

(Spot gold daily chart source: FXStreet)

On the other hand, Mehta added that if the daily closing price of gold falls below the 21-day moving average of $2,650 per ounce, the price of gold may retest the December 6 low of $2,613 per ounce.

The last line of defense for gold buyers was in the $2,600 per ounce area, where the 100-day moving average converged with the low of November 26.

At 16:36 Beijing time, spot gold was reported at US$2661.90 per ounce.