Gold hedging demand boosted

Opening price 1729.26 Yesterday closing price 1730.12 Lowest price 1726.70 Highest price 1734.43

Gold hedging demand boosted

On May 14, the US dollar index refreshed its highest point since April 24 to 100.56. Trump said that it is a good time for the US dollar to be strong. However, as US stocks rebounded sharply, the US dollar gave up most of the increase. Spot gold rose more than $ 20 at a time, refreshing its three-week high to $ 1736.55 per ounce. Investors worried about long-term economic weakness and trade tensions, which boosted the safe-haven demand for gold. US oil June contract soared 10%, reaching a new high of nearly 27.96 US dollars / barrel in the past month, due to unexpected reductions in U.S. crude oil inventories last week and IEA’s reduced demand drop forecast.

Technical Analysis: Gold

Under the influence of fundamentals, the price of gold at night rose sharply, from 1710 to the highest position of 1735. Afterwards, it was shocked and sorted, and it opened at 1729.26 in early trading today. It is currently at 1728.

Due to the sharply higher opening at night, the indicator indicates a more fierce uptrend. Although the price is in a slight decline after early trading, the upward momentum is still very sufficient. Today’s main market is optimistic about shocks and slight rises. Mainly focus on the failure change indicated by the kinetic energy on MACD.

Day trade strategy: bullish above 1720, 1700 integer is bearish after being dropped and broken. High-level callbacks in major gains.

Resistance: 1730 1735 1740
Support: 1720 1710 1700

Important information of the day:

2030 U.S. retail sales monthly rate in April (%)

Z.com Bullion Analyst: Tony Liu