Opening price 1708.70 Yesterday closing price 1710.64 Lowest price 1708.70 Highest price 1713.45
U.S. stocks recover gold prices under pressure
On May 26, the financial market was mainly affected by the longing for economic recovery. The US S & P 500 index once broke the 3,000 mark for the first time in two months. The need for safe-haven USD purchases was weakened, and the US dollar index weakened significantly. Since January 1, the new low reached 98.89. Spot gold also suffered a sell-off, with a minimum of $ 1709.14 per ounce, a two-week low. Oil prices were supported by rising stock markets and production reductions in oil-producing countries. US oil rose more than 3% to a new two-and-a-half month high of $ 34.81 per barrel.
Technical Analysis: Gold
Affected by fundamentals, the price of gold fell sharply during the European and American hours at night. The price touched 1709.14 from the lowest of 1735. It opened at a low of 1708.70 in early trading today and is currently at a low range of 1713.35, showing a narrow upward trend.
On the 1-hour chart, since the market opened today, it has mainly shown a low-climbing trend. The price started from above the lower rail of the Bollinger Bands and is currently moving toward the middle rail. Observe the price and the position of the middle rail during Asian hours during the day. Long positions preferred if the price exceeded the middle tail.
There is still no obvious upward trend on the MACD, and both the DIF and the kinetic energy line present a short market. Observe the relative relationship between DIF and the zero axis during the day. Although it is difficult for DIF to cross the zero axis at the moment, there is a great opportunity in the European and American times at night.
On the RSI, the price is in the 30+ range, and it is in a slightly upward position for oversold, indicating that buying operations are possible.
Day trade strategy: Mainly bullish, after the European and American timeframes, indicators show a clear upward trend
Resistance: 1720 1730 1745
Support: 1710 1700 1795
Important information of the day:
22:00 Bank of Canada announced interest rate resolution.
Z.com Bullion Analyst: Tony Liu
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