Opening price 1708.90 Last closing price 1707.79 Lowest price 1703.46 Highest price 1713.08
Gold continues to rise but insufficient kinetic energy
Spot gold fell on Tuesday, refreshing a one-week low to 1692.59 US dollars, because the US and European countries have successively lifted the embargo and restarted the economy, some investors chose to take profits and partly pressured the price of gold. However, due to the improvement of market liquidity and the cooling of risk aversion, the fall of the US dollar limited the decline of gold. Analysts believe that the Fed’s massive easing has put pressure on the dollar. Overall, the recent trend of gold has been volatile, as investors are still choosing their direction, and are concerned about the Fed resolution and US first-quarter GDP data.
Technical Analysis: Gold
Yesterday the price of gold fell to a low of 1700 below 1700. The Asian session opened at 1708 today, slightly recovering, but it is clear that the previous upward trend has basically stalled, and the market will soon enter a hysteretic shock or decline.
On the 1-hour chart, the candlesticks seem moving bullish, but the price is not optimistic. Yesterday’s upward correction was pulled back, and prices are still very weak. Currently showing an upward trend. The Bollinger Band track is relatively stable, and there is no sign of expansion and contraction. The price is still above the upper track, investors may consider long positions in the short term.
MACD has insufficient kinetic energy, but it does not show a clear decline. The market is in a quiet space of long and short games. Note that DIF crosses the critical position of the zero axis first.
Resistance: 1715 1720 1730
Support: 1700 1690 1680
Day trade strategy: take a long position, pay attention to reversal signals, and pay attention to changes in the European and American overlapping markets at night.
Important information of the day:
Initial value of annualized real GDP quarterly rate for the first quarter of the United States (%)
Z.com Bullion Analyst: Tony Liu
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