Fundamentals limit gold price rebound

Opening price 1696.16 Yesterday closing price 1697.50 Lowest price 1169.70 Highest price 1706.14

Fundamentals limit gold price rebound

On Monday, because of the risk of the second outbreak of the epidemic and Fed officials have said that they will not use negative interest rates to push the dollar higher, so they pressured the price of gold. Therefore, it is still necessary to pay attention to the progress of the epidemic in the near future. At the same time, the Federal Reserve will intensively speak within the day. On Wednesday, Federal Reserve Chairman Powell will also speak on this, which may continue to support the US dollar for a short time and limit the rebound of gold. Follow the US CPI data for April.

Technical Analysis: Gold

Today opened at 1696.16 in early trading. After that, the overall trend has continued to rise, and it is possible to start a new round of trends. The price is currently at the 1704 position, once again breaking through the 1700 integer.

In the Bollinger Bands, the price achieved a second breakthrough on the upper rail, and the upward trend was obvious. The Bollinger Bands show an open trend, and the upward mode may be larger.

MACD is still in the short-term indication stage. DIF is below the zero axis, and the kinetic energy is also slightly insufficient. It is necessary to observe the rising relationship of DIF during the European and American hours at night.

Day trade strategy: overall long

Resistance: 1710 1720 1730
Support: 1700 1690 1680

Important information of the day:

2030 US annual rate of unadjusted CPI in April (%)

Z.com Bullion Analyst: Tony Liu