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黄金延续反弹但任重道远

Jerry Chen
Jerry Chen
Research Strategist
7 Apr 2021
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美债似乎在过去几天获得了一定的买盘支撑,长端收益率有不同程度的回落,美股在连创新高后也暂时放慢了脚步。

美债10年期收益率似乎正在构建一个双顶形态,颈线位置在1.59%附近。此外,5年期收益率同样值得关注,因为这个时间期限正好吻合美联储点阵图中所显示的中期利率路径的时间段。从4小时图形来看,收益率目前正在测试0.87%的支撑。若跌穿则可能加速下行,这对于美元来说并不是好消息,不过黄金多头则可能受益。

5年期美债收益率 4小时图 来源:TradingView

美债收益率的回落令美元指数连续四个交易日下跌,并且重新回到了200天均线的下方,高位的获利了结或许是一种解释。另外,欧元的大幅反弹(暂时没有看到任何数据或基本面支撑)也加速了美元回撤。美元指数所对应的一揽子货币中,欧元占据了57%的权重。

我们可以关注明天凌晨公布的美联储会议纪要,在此之前芝加哥联储主席埃文斯将发表讲话,可能会给市场带来一些波动。随着经济数据的大幅好转以及疫情的和缓,利率市场中加息的预期愈发激进,而美联储也可能在未来一段时间逐步转变原先较为鸽派的基调(从缩减1200亿美元/月的购债规模开始),从这个角度来看,美元的前景还是值得期待的。

美元的修正帮助黄金近来延续反弹势头。4小时图形上我们可以关注1720/45的区间(灰色阴影)。上方的1755/60可以视为关键的分水岭,上破则意味着完成双底结构金价有望继续上攻,遇阻则暗示反弹动能有所减弱。从更大级别的运行来看,1760和1676分别形成了牢固的阻力和支撑。

黄金(XAUUSD)4小时

IMF的最新经济展望中调高了绝大多数经济体今年的GDP增速,在现实数据和预期都在回升的时候,很难想象避险黄金能获得长期的青睐。更何况当前各国的通胀率还远没有达到央行所设定的目标。

欧元在1.17附近展开了一波技术性的反弹,而英镑昨天却意外下跌,回吐了周一的涨幅,因此我们看到了欧磅在底背离的技术形态帮助下的大幅反弹。这一交叉货币对的上方目标位为0.8645和0.8675。

EURGBP日线图

澳洲联储昨天的会议声明没有太多新意,除了对30年来最快上涨的房价表达了关切之外,基本和此前的基调保持一致。澳元正在头肩顶形态的颈线(黑色)附近交投。澳元若守住该区域,近期有望趁着美元的走弱而回到0.77-0.78的区域。澳洲出色经济数据以及和新西兰的旅游泡泡或许能给到多头更多的信心。

AUDUSD日线图

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