Daily Usoil & Gold technical analysis on February 9
Daily technical analysis of USOIL
Technical outlook
Below is the one-hour chart of USOIL. Due to the swing highs and lows continue to rise, and the moving average shows a bullish signal. The short-term trend seems to go long.
However, as the KD enters the overbought area, investors should pay attention to the risk of correction, it is not recommended that investors open long positions aggressively at the current price. Therefore, investors should wait for the correction. If the price is held by the 20 or 60MA, investors can set up long positions by J. Granville Rules.
USOIL 1H-Technical indicators and parameter：20MA、60MA、KD(9,3,3)
Market outlook and conclusion
The performance of oil prices continued to be strong yesterday. It is because of the investors are optimistic about the progress of the US government’s new round of relief bill and the good performance of China’s economic statistic.
In addition, U.S. President Biden’s opposition to the immediate lifting of sanctions on Iran surprised the market. This means that Iran’s crude oil cannot return to the market in a short time, which keeps the supply tight and continues to benefit oil prices.
Suggestion
| Support | 58.00 |
| Resistance | 59.00、59.76 |
| Suggestion | Buy at 58.00，stop loss when the price is below 57.56，close position when price reaches 59.00-59.76。 |
| Valid date | Before the close of trading on February 9 (TUE). |
Daily technical analysis of GOLD
Technical outlook
Below is the one-hour chart of GOLD. The trend continues to rise when the price is stabilized above the support of 1809. Besides, since the moving average shows a golden cross and bullish signal, the short-term trend seems to go long.
However, as the KD enters the overbought area, investors should pay attention to the risk of correction. Therefore, it is recommended to wait for the price to test the 1838 support , if it has not fallen below 1838 for a long time, investors can set up long positions.
GOLD 1H-Technical indicators and parameter：20MA、60MA、KD(9,3,3)
Market outlook and conclusion
The poor performance of US Non-farm Payrolls last Friday laid the foundation for a rebound in gold prices. In addition, the Democrats have made key progress in the Senate negotiations. If the Democrats win a relative majority in the Senate vote , the US President Biden’s bailout bill can be pass successfully.
This means that the US dollar will continue to face depreciation pressure in the short term, which is beneficial to the subsequent performance of gold prices.
Suggestion
| Support | 58.00 |
| Resistance | 59.00、59.76 |
| Suggestion | Buy at 58.00，stop loss when the price is below 57.56，close position when price reaches 59.00-59.76。 |
| Valid date | Before the close of trading on February 9 (TUE). |
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.