Opening price 1715.26 Yesterday closing price 1716.20 Lowest price 1713.70 Highest price 1718.97
Powell’s speech provides support for gold price
The US dollar rose on May 13, after Fed Chairman Powell said that he currently did not consider negative interest rate policies, although he was pessimistic about economic growth; the New Zealand dollar led the decline in the G10 currency, and the pound hit a five-week low against the dollar. Gold prices rose, spot gold refreshed this week’s high to 1718.53 US dollars / ounce, Powell’s speech prompted investors to further avoid risk by buying gold. Oil prices and other risky assets such as the stock market fell together, oil prices fell by 1.6%, oil demand and economic recovery prospects bleak, overwhelming the decline in US crude oil inventories.
Technical Analysis: Gold
Affected by fundamentals, the price of gold in the European and American markets rose sharply in the evening, and the price rose from 1700 to a high of 1712. Today opened at 1715.26 in early trading, and is currently at 1717, still in a weak upward trend.
On the 1-hour chart, the price has been on the upper trajectory position since the Bollinger Bands opened, and the momentum on the MACD shows that the upward trend is more obvious, and the entire market is in a state of high sideways.
Today, the overall trend is in a high level of consolidation caused by rising inertia. It is very important to pay attention to indicator signals to watch for callbacks and declines.
Day trade strategy: Oscillation trend, the Bollinger Bands can be traded within the range after the exposure is balanced. If you pull back below 1700, you can take a short position.
Resistance: 1720 1725 1730
Support: 1710 1700 1695
Important information of the day:
2030 Number of people claiming unemployment benefits in the United States as of May 9
Z.com Bullion Analyst: Tony Liu