Gold short-term technical pullback

Opening price 1699.45 Yesterday closing price 1682.82 Lowest price 1672.27 Highest price 1684.57

Gold short-term technical pullback

Last Friday, as investors speculated that the US economy would soon get rid of COVID-19 blockade and the process of finding treatment for the COVID-19, US stocks rose, causing gold to fall to around $ 1670. Overall, with the recent rebound in market optimism, technology will put pressure on gold in a short period of time. However, because of the impact of the COVID-19 on the global market still exists, and the scale of the Fed’s balance sheet continues to expand, the excess dollar may cause inflation, which is beneficial to gold. This week’s focus on PMI data of various countries, the United States’ initial jobless claims and durable goods order data

Technical Analysis: Gold

Last week, gold has maintained a short-term decline in the market, today’s gap in early trading opened lower at 1679, currently at 1767.66. The market still maintains a steady downtrend.

On the 1-hour candlestick chart, the bearish candlestick occupies the leading position, the price is fluctuating but the overall trend is declining, the Bollinger Band track is down, but the overall situation has stabilized and the exposure remains unchanged. It shows that the market is a normal pullback.

MACD shows a downtrend and the market is relatively stable.

Day trade strategy: short position, pay attention to the pullback signal and 1700 critical position.

Resistance: 1690 1700 1720
Support: 1670 1660 1650

Z.com Bullion Analyst: Tony Liu