Gold prices strengthen again after falling

Opening price 1711.80 Yesterday closing price 1708.96 Lowest price 1706.14 Highest price 1719.99

Gold prices strengthen again after falling

On Wednesday, as further relaxation of the blockade measures boosted optimism about the economic recovery, gold once fell to the lowest level in two weeks at 1,694.31 dollars. However, due to international trade concerns, the Federal Reserve’s Beige Book had more pessimistic expectations about the economic recovery prospects, so gold subsequently rebounded by nearly $ 20 and further increased on Thursday. Intra-day data is intensive. In addition to Eurozone economic data, the United States will publish durable goods order data, first-quarter GDP corrections, and the number of US initial jobless claims. The market will look for clues.

Technical Analysis: Gold

Affected by fundamentals, the price of gold fell sharply during the night, and the lowest fell below the integer of 1700 to reach 1693. It opened at 1711.80 in early trading today, and then entered a round of rebound. Upward trend.

On the 1-hour chart, the upward trend is obvious. The price increase drives the opening of the Bollinger Bands. It is expected to pierce the upper trajectory and form a V-shaped reversal with the price pattern of last night. MACD’s DIF line is about to cross the zero axis, the upward kinetic energy is strongly opened, and the current indicator shows that it is possible to lighten the test position.

RSI is not over 70 to buy more warning lines, but it can still be tested much lighter.

Day trade strategy:  overall long preferred, pay attention to changes in fundamental information

Resistance: 1725 1730 1735
Support: 1720 1710 1695

Important information of the day:

2030: Number of people who continued to claim unemployment benefits in the United States as of May 16 (ten thousand)

Z.com Bullion Analyst: Tony Liu