Opening price 1749.22 Last closing price 1747.19 Lowest price 1737.50 Highest price 1749.22

Gold has a callback trend

On Wednesday, the Fed may introduce more stimulus measures, and the members of the US Monetary Policy Committee believe that the epidemic poses a serious threat to the economy, pushing gold slightly higher. At the same time, there are data showing that the risk of debt default in emerging markets has surged, and the Bank of England has not ruled out negative interest rates, which all support gold prices. However, analysts warned that gold continued to rise in the past off-season, which means that in the near future, it will face greater obstacles to further increase, but any callback will lay the foundation for later rise. Intra-day manufacturing PMI data is intensive, but also need to pay attention to the number of initial jobless claims in the United States.

Technical Analysis: Gold

After continuing the sideways consolidation yesterday, it opened at 1749.22 in early trading today, and then the price has opened up the Bollinger Bands exposure, and the overall development is downward. The price is in the lower track position. Currently at 1741.35, as far as early trading is concerned, there is a larger downward trend. During the daytime period, we mainly pay attention to the opening signal of the downward trend. During the European and American period, the United States, which is paying attention to the fundamental information, made intraday changes brought about by the number of unemployed people at the beginning of the week.

MACD’s DIF line is going down, about to cross the zero axis, the kinetic energy below is turned on, and the downward trend is more obvious.

Day trade strategy:  Asia is mainly bearish during the day, and during the European and American hours at night, pay attention to whether the MACD reverses. Short-term overall short position

Resistance: 1745 1750 1755
Support: 1730 1720 1710

Important information of the day:

2030: Number of people claiming unemployment benefits at the beginning of the week as of May 16 in the United States (ten thousand)

Z.com Bullion Analyst: Tony Liu