Opening price 1731.50 Yesterday closing price 1730.51 Lowest price 1721.50 Highest price 1732.02
Gold remains high and volatile
Spot gold once rose nearly 1.5% on Thursday, refreshing its highest point since April 14, because gold often benefits from extensive stimulus measures issued by central banks and governments. However, due to Europe ’s failure to agree on a joint fund, the euro weakened, pushing the dollar to refresh its two-week high, thus limiting gold ’s gains. But in the long run, with the continued stimulus measures of the United States and the Federal Reserve, as the actual asset yields become negative, the long-term bullish gold trend has not changed. Days to follow the initial value of US durable goods orders and the University of Michigan consumer confidence index.
Technical Analysis: Gold
Yesterday, the price of gold rose by a large margin. Today, the Asian market opened at a high of 1731, and then continued to fluctuate within a narrow range. It is currently basically maintained at 1724.11.
On the 1-hour chart, it can be clearly seen that after a sharp rise in gold, a pullback occurred today during the Asian session and fell below the trajectory of the Bollinger Bands. But compared with the previous increase, it can only be said to be a slight correction. At present, the candlesticks show a cross star movement, and the market has insufficient kinetic energy, waiting for the performance of the European and American markets at night.
The Bollinger Bands have narrowed their exposure to balance, and the market has no major waves for the time being. Based on the complexity of fundamental information, it is necessary to pay attention to the trend of prices in the European and American night markets. At present, prices are moving around the mid-track line, and there is no major breakthrough for the time being.
MACD shows that the price of kinetic energy shows a decline. The upward kinetic energy is slightly reduced. At night, focus on the key point where the DIF line crosses the zero axis.
Day trade strategy: Continue to see more bulls. Short positions below 1700 are short.
Resistance: 1730 1735 1745
Support: 1710 1700 1690
Important information during the day:
2030; U.S. initial monthly rate of durable goods orders in March (%)
Z.com Bullion Analyst: Tony Liu