Gold price fell at night after rising

Opening price 1715.60 Last closing price 1715.61 Lowest price 1711.00 Highest price 1717.23

Gold price fell at night after rising

The dollar index fell from a two-week high on May 7th, as commodity currencies gained the most gains as investors locked in the dollar ’s gains this week before the non-agricultural employment report was announced. The yield on the 2-year U.S. Treasury bond fell to a record low. The previous dovish comments from a series of central bank officials triggered market speculation about negative interest rates in the United States. Spot gold surged by $ 30, once refreshing its high since April 27 to 1722.07 USD / oz.

Technical Analysis: Gold

During the night, the gold price in Europe and the US surged from 1680 points to above 1720, and then returned to 1710. The market opened at 1715 in early trading today and is currently at 1712.55.

The signal shows that the price level still belongs to the rising range, and the price drops after the Bollinger Bands are on the rail, and is currently moving towards the middle rail. MACD does not clearly show signs of a pullback. The market is expected to be in the callback-sideways range on this trading day, and it may fall back below 1700.

Day trade strategy: overall bearish, bearish below 1700.

Resistance: 1720 1730 1735
Support: 1710 1700 1680

Important information of the day:

20: 30 US non-agricultural employment population changes after April seasonal adjustment (ten thousand)

Z.com Bullion Analyst: Tony Liu