Opening price 1700.50 Yesterday closing price 1702.44 Lowest price 1699.70 Highest price 1705.46
Gold price reaches 1700
The US dollar index fell on May 12, after US President Trump expressed support for negative interest rates, while the futures market pricing continued to show negative interest rate expectations, the yen rose, geopolitical tensions once again made the market uneasy; spot gold regained the $ 1700 mark, the dollar, the United States The decline in bond yields supported the price of gold. In addition, the sharp fall in US stocks also boosted the attractiveness of gold as a safe-haven asset. Oil prices went up and down, with U.S. oil rising more than 3%, and cloth oil closing down, giving up a 3.6% increase. Although the market is expected to reduce production and demand is gradually picking up, global crude oil is still in oversupply and inventories are still growing.
Technical Analysis: Gold
Yesterday, gold formed an inverted V shape, and the price rose to the 1710 position, and then reversed downwards, entering the integer position of 1690, but then returned to above 1700 again. Today opened at 1700.50 in early trading, regaining 1700 integers. From the overall view of the candlesticks chart, the market is in a suppressed range, and the price increase momentum is weak.
On the 1-hour chart, it is in a downward trend after the opening, and the price is in a downward trend in the middle of the Bollinger Bands. Bollinger Bands have a trend of shrinking mergers, and prices may be about to enter a sideways trend. On MACD, kinetic energy shows exhaustion, and the DIF line is above the zero axis and close to the zero axis. The market is in the direction of a downward trend of consolidation.
Day trade strategy: shock trading mode before the European and American session. In the European and American markets at night, it is generally bearish. If you have more than 1700 integers, you can take a long position.
Resistance: 1710 1715 1720
Support: 1690 1680 1675
Important information of the day:
2030 US PPI annual rate in April (%)
Z.com Bullion Analyst: Tony Liu