Opening price 1744.70 Yesterday closing price 1741.97 Lowest price 1741.80 Highest price 1746.63
Gold prices rebound
On May 19, the US dollar index refreshed its lows since May 4 to 99.22. Powell said that the Fed is ready to take all necessary measures to help the United States boost the economic outlook. Among the G-10 currencies, the New Zealand dollar and the British pound perform best Yuan lags behind. Spot gold rebounded nearly US $ 20 from the daily low and refreshed its daily high to around US $ 1745. The optimism of the market has subsided and boosted the safe-haven demand for gold. Affected by the decline in API crude oil inventories, US oil rose slightly, and investors weighed the market pattern of supply cuts and demand rebounds with the pessimistic economic outlook of the Fed.
Technical Analysis: Gold
After a sharp decline this week, gold rebounded within a narrow range, and the price will rise from 1725 to 1745. Recently, the K-line Yang line has an advantage but is slightly weaker, but it has clearly broken the downward trend, and the price will maintain a high of more than 1740 in the future.
On the 1-hour chart, the Bollinger Bands opened their doors yesterday night and prices have risen on the upper rail. It opened at 1744.70 in early trading today, and the price is currently at 1745.02, slightly below the upper trajectory of the Bollinger Bands. During the Asian hours during the day, it is necessary to pay attention to whether it falls back to the position of the central rail line. You can trade long and short in this interval.
MACD shows an initial upward trend. The DIF line is about to jump above the zero axis, a signal that a new round of rising is about to start. Need to pay attention to the relationship between DIF and zero axis during the day.
Day trade strategy: bullish and short trading in the Bollinger Band track during the Asian session, and MACD signal indication during the European and American sessions at night. The overall short position in the day is long, and short-sellers need to make stop profit and loss according to the account situation.
Resistance: 1750 1760 1765
Support: 1740 1730 1720
Z.com Bullion Analyst: Tony Liu