On Wednesday (November 11) Asian market in early trading, gold opened in a narrow range and fluctuated between 1882.6 and 1876.2 and is now quoted at $1882.2 per ounce. Looking back at yesterday’s market, gold recovered part of its lost ground after the crash on Tuesday. During the Asian session, it started to rise. During the European session, it hit an intraday high of US$1890.2 per ounce, and then fluctuated and fell. It closed at US$1876.4 per ounce. According to K indicator with long upper shadow.

On the news, the two forces that have dominated market volatility in recent times are the US election and vaccines. As of today, according to U.S. mainstream media reports, Biden has won the election and became the new U.S. President, but Trump and most Republicans have questioned the fairness of the election and accused the Democratic Party of fraud during the election; The political risks of the US election are continuing, which provides safe-haven support for gold. On Monday, under the impact of the good news of the vaccine, with the profit of the long position liquidation and the additional short orders in the market, the spot gold collapsed by nearly 115 US dollars. However, it is worth noting that the vaccine is still not widely available in a short period of time, and the second wave of outbreak still threatens life and health and economic recovery, gold bulls have upward momentum.

Technically, the daily chart of the U.S. dollar index is running below the middle rail of the Bollinger Bands, and the KD crosses, so pay attention to the 92.8 resistance position; on the 4-hour chart, hovering above the middle rail, the KD crosses down, and 92.5 becomes a short-term support; The uptrend in the 1-hour chart is close to the downtrend, the KD crosses, and the U.S. dollar index is consolidating. The uptrend of the spot gold daily chart runs below the 5-day and 8-day moving averages, and the KD cross is down; the Bollinger band opens downward on the 4-hour chart, and the KD crosses, and the 1-hour chart oscillates near the middle rail, and the KD golden cross on the upside, gold was sideways corrected.

Resistance：1885-1893-1901

Support：1876-1870-1864

Today’s recommendation: sell gold for short term investment at 1887/1889, stop loss: 1895, take profit: 1880/1872/1865.

Analyzed by Mr. Chris，Independence Analyst