Opening price 1698.75 Yesterday closing price 1698.90 Lowest price 1691.18 Highest price 1701.94
Multiple important data announcement in this week
During the week of May 4-10, the market will be concerned by the monthly US non-agricultural employment report. The market expects the data performance to be unprecedentedly bad, and the number of employees may decrease by 22 million; April trade data will be released; in terms of events, the Reserve Bank of Australia and the Bank of England will hold interest rate meetings in succession, and several Fed officials will also make public speeches one after another. Investors also need to pay attention to the global development of the epidemic and the actions of various countries.
Technical Analysis: Gold
The market has shown a V-shaped reversal pattern since last week. The price began to rebound after entering the lowest price of 1669, and finally rebounded to the 1703 position, breaking through the 1700 integer point. Today’s Asian morning opened at 1698.75. It is currently at 1693, and the pattern is in a downward trend after opening.
Overall, based on the situation of last week, the market is in a recovery situation and will basically stand at the 1700 position and breakthrough within the day. Looking at the candlesticks, the price has experienced a continuous breakthrough. After opening today, it broke from the upper rail of the Bollinger Bands. MACD still shows upward momentum and belongs to the buyer’s market. This week it is expected that the market will stop violent turbulence and enter a period of slack.
Day trade strategy: short positions in Asian times, short positions in Europe and the United States during the evening can be generally bullish based on indicator signals
Resistance: 1700 1710 1730
Support: 1690 1680 1670
Important information of the day:
22:00 US March Durable Goods Order Monthly Rate Final Value (%)
Z.com Bullion Analyst: Tony Liu