Opening price 1734.99 Yesterday closing price 1729.32 Lowest price 1729.66 Highest price 1744.52
Gold prices gapped and continued to rise
A small gap opened higher on Monday, continuing last Friday’s gains, and refreshed more than a week high to $ 1741.53. The death caused by the US police law enforcement triggered a national protest, and the crowd caused by the protest may also lead to a significant increase in the risk of a second outbreak. However, if the recent market fears heat up again, causing the market to continue to sell assets in hand to obtain liquidity, the June gold market may increase volatility, and at the same time last Friday, international trade worries slightly cooled and short-term restrictions on gold gains. This week focuses on US non-agricultural data.
Technical Analysis: Gold
The gold gap opened lower on Monday, opening at 1734.99 in early trading, and then continued the upward trend of last Friday, and basically maintained an upward trend during the day. The current price is at 1741.83. The rising momentum of the candlesticks shows that it is not very strong. During the period, there is a large callback pattern. You need to be alert to the occurrence of high callbacks.
On the 1-hour chart, the price is currently showing signs of a narrow correction, and there is a sign of exhaustion in rising momentum. At present, it has not yet touched the Bollinger Band track, and there is no obvious downward trend. However, the RSI shows that it has touched the 70 overbought line and moved down, showing signs of a pullback.
Day trade strategy:If there are already long profitable positions, you can consider timely understanding, mainly alert to the downward trend of callback. Look at the indicators to determine whether the current upward trend is a warm-up for a new round of gains.
Resistance: 1742 1745 1750
Support: 1735 1730 1720
Important information of the day:
2145: US Markit manufacturing PMI final value in May
Z.com Bullion Analyst: Tony Liu