Gold Pullback

Opening price 1696.39 Yesterday closing price 1695.65 Lowest price 1866.35 Highest price 1696.44

Gold Pullback

On Monday, a record-breaking drop in oil prices stimulated safe-haven demand. The trend of oil prices shocked the market, causing the US stock market to fall and gold once stood at the $ 1700 mark. At the same time, more signs show that the risk of deflation in the United States is increasing, which may inhibit the moderate rise in prices, which will drag down the economic recovery. However, as market worries rose, the dollar also strengthened slightly, partially restricting gold’s rise. Within the day concerned about the UK unemployment rate and the economic prosperity index of the eurozone, and the US Senate may vote on the US $ 450 billion appropriations at the Tuesday meeting.

Technical Analysis: Gold

After a round of decline, gold returned slightly today and regained its position at 1700. Today opened at a higher position of 1696 and is currently at the 1691 position.

On the 1-hour chart, prices have basically shown an upward trend. The candlesticks are dense. The Bollinger Bands have a trend of shrinking, indicating that prices are gradually stabilizing, and there is a high possibility of fluctuations around 1700. The price is currently moving on the middle rail line, and it is necessary to pay attention to the formation of an upward trend after breaking through the upper rail line. On MACD, there is basically a slight upward trend. The kinetic energy is on the buyer’s side but not very obvious. You need to pay attention to the trajectory of the DIF line.

Day trade strategy: bullish, pay attention to the key position of 1700

Resistance: 1700 1710 1720
Support: 1690 1680 1670

Follow information within the day:

2200: EU Trade Commissioner Phil Hogan speaks to EU lawmakers on how the EU responds to the impact of COVID-19 on trade.

Z.com Bullion Analyst: Tony Liu