The global quantitative easing policy supports the gold price to be stabilized

Opening price 1706.28 Yesterday closing price 1705.70 Lowest price 1698.40 Highest price 1708.01

The global quantitative easing policy supports the gold price to be stabilized

Both US and European stock markets recorded gains on Tuesday. Even though Fed Vice Chairman Clarida made pessimistic remarks, it still did not stop the stock market from rebounding, because optimism about the economic restart has overshadowed concerns about economic slowdown. At the same time, the continued strength of the US dollar also partially squeezed the buying needs of gold. Despite the rebound in market optimism and short-term pressure on gold prices, gold is still trading at around $ 1,700, because the downward pressure on the economy is very obvious, and global stimulus measures have offset the effects of improved risk sentiment after easing restrictions and blocking measures. Follow the ADP employment data within the day.

Technical Analysis: Gold

The Asian market opened today at 1706.28 and continued to maintain more than 1700 integers. Although there was a slight callback thereafter, it basically stabilized at 1700. The current price movement in the Bollinger Bands has no signs of abnormality. MACD shows that the kinetic energy is limited, the DIF line shows a balanced movement around the zero axis, the market is in a wait-and-see state, waiting for the next round of trend market to start.

Day trade strategy: take light positions mainly, pay attention to the trend start signal (the Bollinger Bands continue to break, the MACD kinetic energy line surges).

Resistance: 1710 1720 1730
Support: 1695 1690 1685

Important information of the day:

20:15 US ADP employment in April (ten thousand)

Z.com Bullion Analyst: Tony Liu